Fintech startup LenderClose recently secured the funding it needs to add 25 employees to its ranks.
The two-year-old Des Moines, Iowa-based startup launched in 2016 when lending technology pioneer Omar Jordan saw an opportunity to upend the mortgage underwriting process.
The firm’s Web-based software platform digitizes the underwriting process and speeds up the lending cycle.
It gives loan officers instant access to the latest real estate lending technology, products and solutions so they can become dominant lenders in their local markets, the company claims.
Since its launch in March 2016, LenderClose has added 100 lenders to its client list. February marked a record month of revenue for the startup, followed by another record month in March.
That same month, the startup secured direct investment from two Iowa credit unions and added Ben Rempe to its team as chief operating officer.
LenderClose’s latest round of funding was led by Next Level Ventures, a venture capital firm that invests in growing companies based in Iowa. Its portfolio includes fintech firm Dwolla.
“This team has done some pretty impressive things with limited resources,” says Scott Hoekman, co-founder and principal of Next Level Ventures, in a release. “This investment is gas in the tank that will allow LenderClose to do much more.
“LenderClose has a product that works, clients who have validated the solution and a growing team supporting the vision for rapid scale,” Hoekman adds. “You put more money alongside that momentum, and you’ve got something pretty exciting.”
The dollar amount of the seed money was not released.