FirstClose, which offers data and workflow solutions for mortgage and home equity lenders, reports that it has secured an additional round of equity funding led by existing investor Lateral Investment Management.
The latest round builds on Lateral’s initial 2022 investment and underscores continued investor confidence in FirstClose’s strategy, technology and leadership team.
The funds will support ongoing product development and strategic initiatives as the company strengthens the firm’s position within the home equity and mortgage lending markets.
“Lateral has been a great partner and a critical factor in our company’s growth and success to date,” says Tedd Smith, CEO for FirstClose, in a release. “This new round of funding reinforces our partnership and allows us to stay focused on delivering the technology lenders need to meet rising demand for home equity lending.”
Since Lateral’s initial investment in 2022, FirstClose has expanded its capabilities and market footprint. The company introduced a real-time debt consolidation feature to its FirstClose Equity platform, which early trials showed boosted conversion rates by more than 10%.
It also deepened system integrations with leading platforms, such as Encompass by ICE Mortgage Technology, MeridianLink and Optimal Blue, and added new executives in key leadership roles, including chief revenue officer, vice president of marketing and vice president of client success.
“When we first invested in FirstClose, we saw the potential for the company to become the technology leader in home equity lending,” says Stuart Barden, managing director at Lateral Investment Management. “Since then, the team has consistently delivered, expanding its client base, deepening integrations and introducing innovations that streamline the lending process. We’re proud to continue supporting FirstClose as it builds on that foundation.”