LenderClose, a digital lending platform for credit unions and community banks, is ready to plot the next stage of its growth thanks to a new investment from Next Level Ventures, a venture capital firm that invests in growing companies based in Iowa.
LenderClose, which was founded two years ago, is based in Des Moines, Iowa.
The company offers a web-based platform that streamlines the underwriting process by giving community lenders immediate access to a suite of reports and services – from credit scores and flood determinations to notary signing and county recorder services.
The company reports that since launching in March 2016, it now has more than 100 lenders as clients. The company also said both February and March 2018 marked record revenue for the growing company.
Now, with the new funding round, which was led by Next Level Ventures, the company plans to continue growing.
The company did not make the specific financial details of the capital raise available, but the company said that it plans to use the money to hire 25 new employees.
“This team has done some pretty impressive things with limited resources,” Scott Hoekman, co-founder and principal of Next Level Ventures, said.
“This investment is gas in the tank that will allow LenderClose to do much more,” Hoekman added. “LenderClose has a product that works, clients who have validated the solution and a growing team supporting the vision for rapid scale. You put more money alongside that momentum, and you’ve got something pretty exciting.”
As part of the company’s growth, LenderClose recently added Brian Storey as vice president of business development and Ben Rempe as chief operating officer.
“Consumers are used to getting what they want, how they want it, right now. Starbucks has your custom-ordered coffee ready before you even get there; Indochino has a made-to-measure suit on your doorstep in a couple days,” Rempe said. “Lenders understand expectations are changing, and they want to give borrowers that ‘yes’ right away. But, they have massive checklists that have to be addressed first. The LenderClose platform helps loan officers drive through the checklist, so they can deliver ‘yes’ faster than ever before.”