Snapdocs, a mortgage closing platform that claims to power 10 percent of all U.S. residential mortgage transactions, has nabbed an additional $25 million in funding.
It plans to use the money to further expand a business that it says stands out from some competitors due to a focus on cooperating with industry incumbents, rather than “disrupting” them. The San Francisco-based startup also announced Thursday the opening of a new office in Denver.
The Series B funding round was led by F-Prime Capital with participation from Sequoia Capital, Freestyle Capital and Founders Fund.
Snapdocs says it leverages artificial intelligence to digitize paperwork and automate manual tasks that are part of the closing process. The goal is to remove some of the hassle from what can otherwise be a stressful process.
One of Snapdocs accomplishments, the company said in a press release, has been to cut the time borrowers spend at the closing table from over an hour to 15 minutes.
The company says it has the largest network of closing partners in the industry — over 50,000 providers, including lenders, title companies and notaries. It reports powering over 750,000 closings per year.