Lending industry software provider defi SOLUTIONS has raised $55m in a Series C investment from Bain Capital Ventures comprising primary and secondary capital.
The company intends to utilise the fresh funds to develop its existing and emerging products as well as expand its resources and facilities.
It also aims to increase its employee strength by nearly 50% this year across all teams with the investment.
defi SOLUTIONS started operating in 2012 and offers its configurable Software-as-a-Service (SaaS) loan origination system (LOS) as well as follows a community approach to the development and delivery of financial services software.
The company provides the lenders the necessary tools to enable them to conduct business and also provides regular updates, system enhancements and integrations with third-party data providers.
Besides LOS, it has also developed a portfolio of services for independent and captive finance companies, banks, credit unions and personal and business lending.
It includes a loan management and servicing system (LMS), a direct lending application portal and a digital loan document service with e-signature facility.
Commenting on the investment, Bain Capital Ventures senior principal Brian Goldsmith said: “defi SOLUTIONS modernised auto lending with its cloud-based, lender-centric loan origination, loan management, and analytics platform.
“defi delivers competitive advantages that enable forward-thinking lenders to own their processes and exceed their business objectives through one holistic platform.”