Snapdocs, a real estate technology company, is developing a platform to simplify the mortgage process. Snapdocs’ mission is to perfect real estate closing, and they are working towards that goal. Recently they reached their goal of $25 million in funds. The money raised will be used to continue the development of their artificial intelligence platform that will allow homebuyers to purchase a home more efficiently. The funding was led by F-Prime Capital and participation from Sequoia Capital, Freestyle Capital and Founders Fund. In addition, David Jegen from F-Prime Capital will be joining Snapdocs’ board of directors. Overall, Snapdocs currently powers over 10% of all U.S. residential mortgage transactions. Annually, this is almost $150 billion in real estate transactions.
HOW WILL THIS IMPACT THE INDUSTRY?
David Jegen said, “residential mortgage is a $2 trillion industry and one of the largest sectors yet to be digitized”. He stated that the closing process is in need of a better workflow. Also, he said Snapdocs platform is well-positioned to be the industry’s platform for digital mortgage closings. In addition, the CEO of Snapdocs, Aaron King said, “this is a huge milestone for the Snapdocs team and towards delivering on our promise of a seamless digital real estate closing”. The developments that Snapdocs makes with this funding may revolutionize the industry.
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