Mortgage fintech SimpleNexus has completed a Series B capital increase and added $ 108 million in new funds.
The funding round was led by Insight Partners and included minority investor TVC Capital, led by former board member Jeb Spencer of Ellie Mae.
SimpleNexus declined to provide a post-round rating for the company.
This is Insight Partners' second investment in SimpleNexus. An initial investment of US $ 20 million was made in June 2018.
Insight Partners' previous investments in the mortgage industry included Simplifile, which was acquired by Intercontinental Exchange in May 2019. The company was also an investor in mortgage wholesaler LoanCity.com.
In October 2020, Insight Partners invested in Zest AI, which is working with Freddie Mac to test artificial intelligence in drawing mortgage loans.
TVC is heavily invested in ReverseVersion, which offers reverse mortgage origination technology. The company also invested in the Del Mar database and its subsequent iteration Del Mar Datatrac, which Ellie Mae acquired in 2011.
SimpleNexus, based in Lehi, Utah, offers a communication app that connects the various actors in the mortgage process – borrowers, real estate agents, loan officers and processing agents – across systems.
The technology is used in 13% of all home loans raised in the U.S., with a user base of more than 29,000 lenders, 123,000 real estate agents, and more than 3 million borrowers, SimpleNexus said, adding that the technology has processed over 13 million loans with a total volume of over $ 3 trillion since launch in 2012.
"Our vision is to improve the entire home buying journey from the borrower's first contact with a broker to the final table and beyond," said Cathleen Schreiner Gates, president of SimpleNexus, in a press release.
SimpleNexus recently created a bidirectional interface with Unify's customer relationship management technology. During the integration, the information entered via SimpleNexus for the loan application is used and a new data record is created in CRM. Unify users can also get information from this system and create a SimpleNexus file.
There are also consumer-facing ties. Back in November, SimpleNexus added an integration with Progressive Insurance, which allows homebuyers to receive a quote for homeowners through the app.
Privately owned mortgage companies that raised funds in the second half of 2020 included Blend in the August Series F round valued at $ 75 million. Better.com in a $ 200 million Series D round in November; and Qualia, who held a $ 65 million series round shortly before the end of 2020.