Snapdocs, an AI-powered platform aimed at streamlining the digital mortgage closing process, announced this morning it has closed on a $25 million Series B.
It helps process about 750,000 real estate closings a year and has developed a network of over 50,000 industry service providers such as lenders, title companies and notaries.
It’s instead trying to help its players “work better together.” It also aims to reduce the time borrowers spend at the closing table from over an hour to just 15 minutes by doing things such as giving them the ability to review lengthy documents digitally beforehand, for example, according to King.
King told me that Snapdocs has intentionally opted not to raise too much funding because it’s “not the type of company trying to burn tons of capital.”
“Residential mortgage is a $2 trillion industry and one of the largest sectors yet to be digitized,” said F-Prime Capital’s Jegan in a written statement.