InvestmentsMortgage

cloudvirga raises $15 million; funding led by Blackstone’s Incenter

Mortgage automation provider plans to use funds to expand

Over the last year, Incenter increased its reach by launching a mortgage-focused broker-dealer called Incenter Securities Group and expanding into title and settlement services with the acquisition of Boston National, a provider of title and settlement services headquartered in Charlotte, North Carolina.

Now, Incenter, a Blackstone Group portfolio company, is expanding its reach again by investing in cloudvirga, a provider of mortgage process automation.

According to details provided by cloudvirga, the company raised $15 million in a Series B round of funding, led by Incenter.

cloudvirga is the developer of an automated, cloud-based mortgage point-of-sale system called “intelligent Mortgage Platform.” According to the company, iMP “empowers consumers to take the helm of a completely re-engineered mortgage workflow that automates the entire initial disclosures process and delivers unmatched transaction speed and efficiency to both borrowers and lenders.”

In a release, cloudvirga said iMP has processed more than $15 billion in loans since launching in early 2016.

And now, the company will use the $15 million in new funds to scale its technology and grow its portfolio of product offerings.

“Unprecedented mortgage regulation has exacerbated an already labor-intensive lending process and inconsistent consumer experience, making our solution more viable than ever,” Kyle Kamrooz, co-founder of cloudvirga, said. “We are thrilled to have the support of such a well-respected group of investors and look forward to continuing to shake up an antiquated industry process.”

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