Snapdocs has rapidly grown to process over $150 billion in real estate transactions
annually thanks to its industry-leading AI and unique mortgage closing platform.
San Francisco, CA; November 7, 2019 – Snapdocs, Inc., is a leading real estate
technology platform on a mission to transform the homebuying process from slow and
painful, to a quick and celebratory experience, thanks to its industry-leading AI and
centralized platform. Snapdocs has successfully raised $25 million in Series B funding,
led by F-Prime Capital and with participation from previous investors Sequoia Capital,
who led Snapdocs’ Series A, Freestyle Capital and Founders Fund. With this funding,
Snapdocs will continue to develop its artificial intelligence offerings and platform so that
homebuyers can close on their dream homes faster and with far less stress. As part of
the funding round, David Jegen of F-Prime Capital will join Snapdocs’ board of
directors.
“Residential mortgage is a $2 trillion industry and one of the largest sectors yet to be
digitized,” said David Jegen, managing partner of F-Prime Capital’s tech fund. “The
entire closing process is cumbersome and in need of a better workflow for collaboration,
coordination and transparency. Snapdocs has built the leading vertical SaaS solution to
this problem and is well-positioned to become the industry’s platform for digital
mortgage closings.”
Snapdocs’ platform currently powers over 10 percent of all U.S. residential mortgage
transactions, roughly equalling $150 billion in real estate transactions annually.
Snapdocs attributes its success in large part to its differentiated approach to driving
technology adoption, choosing to work from within the industry to help existing parties
work better together as opposed to a more disruptive approach typically employed by
other technology companies.
“This is a huge milestone for the Snapdocs team and towards delivering on our promise
of a seamless digital real estate closing. It’s also a big milestone for our lender and title
partners who are now trusting us with over 750,000 real estate closings a year. We do
this for you, and this capital enables us to continue to scale our world-class team so we
can build the technology you need to thrive in a digital age,” said Aaron King, CEO of
Snapdocs.
Historically, obtaining and closing a home mortgage loan can be one of the most painful
and anxiety-ridden parts of the homebuying process. One area of dramatic
improvement can be seen in the reduction in time borrowers spend at the closing table
from over an hour to just 15 minutes, making a previously stressful experience a bit
more celebratory as they close on their new home. The company also has the mortgage
industry’s largest network of closing participants which is made up of over 50,000
service providers, including lenders, title companies and notaries. With its network and
unique AI technology, Snapdocs is transforming stressful, error-prone and
time-consuming mortgage closings into transparent, efficient and joyful experiences for
everyone involved.
Snapdocs is also announcing the opening of a new office in Denver, Colorado to keep
up with its rapidly growing user base and to better serve its customers nationwide.
Known as a growing hub for technology companies and talent, Denver will serve as a
center for a wide variety of roles with an emphasis on engineering and operations.
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About Snapdocs
Founded in 2013, Snapdocs is the industry’s leading digital closing platform. With its patented
AI technology, Snapdocs is on a mission to perfect mortgage closings and transform a $2 trillion
pillar of the U.S. economy. Powering over 750,000 closings a year, Snapdocs is leading the
charge to modernize, streamline, and improve the mortgage process for lenders, borrowers, and
settlement. Snapdocs is the only solution with a proven track record of creating a single,
scalable process for every closing, whether wet, hybrid, or digital. Every day, over 50,000
mortgage professionals rely on Snapdocs’ technology to automate manual work and digitize
paper processes that plague the industry. Snapdocs is a rapidly growing San Francisco based
real estate technology company backed by prestigious Silicon Valley blue-chip venture capital
funds, like Y Combinator, SV Angel, Sequoia Capital, and F-Prime Capital. To learn more, go to
https://www.snapdocs.com.
