US-based digital mortgage-servicing platform Brace has raised $10m in Series A funding round to support product development and operational growth.
The funding round was led by Point72 Ventures and was also joined by the company’s existing investors including, Crosslink Capital.
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The latest funding brings the total money raised by the company to $15m in less than two years.
Brace said it will use the money to grow its client base while expanding its platform with software-as-a-service (SaaS) technology within mortgage servicing.
The company’s solutions enhance communication and transparency among homeowners, servicers and investors.
Brace CEO Eric Rachmel said: “Right now, servicers are forced to use decades-old technology to manage millions of US mortgages—a problem that gets much worse for servicers who manage borrowers that are non-performing.
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By GlobalData“We take a different approach that is focused on modernizing the servicing process with software modules and services for mortgage servicing infrastructure, instead of the one-size-fits-all servicing system that often misses important nuances.”
Point72 Ventures partner Tripp Shriner said: “We believe Brace has the potential to revolutionise mortgage servicing, which is an industry that is primed for change.
“We’re impressed by the progress Brace has already made in tackling complex industry problems and developing solutions that benefit everyone involved in the process.”
