On Wednesday, Digital mortgage point-of-sale software provider Cloudvirga announced it raised $50 million in its latest funding round.
The company’s Series C funding round was led by private equity firm Riverwood Capital, and saw participation from Upfront Ventures, the company said.
Cloudvirga, which was recently named a 2018 HW Tech100 winner, said the new round of funding will support its mission to “help lenders reduce record-high loan production costs via automation and empower borrowers with greater transparency and engagement in the mortgage transaction.”
This round of funding is Cloudvirga’s largest yet. Last March, the software provider raised $15 million in its Series B funding round, which was led by Blackstone Group company Incenter.
“We believe the material opportunity in the $1.6 trillion U.S. mortgage market lies in digitizing and automating not just the loan application, but the mortgage factory,” said Cloudvirga CEO Michael Schreck. “Our industry’s current ‘shiny object syndrome’ has resulted in a preoccupation with the digital application. Instead, Cloudvirga’s technology uniquely tackles the mortgage cost problem, which has helped us garner tremendous interest from many of the country’s top private-equity funds.”
“The mortgage market is one of the largest in the country, yet innovators are still nibbling on the edges of mortgage automation,” said Riverwood executives Scott Ransenberg and Jay Schneider. “Cloudvirga has the right fusion of mortgage and technology DNA to transform the way lenders do business. Cloudvirga’s blue chip customer base, which includes many of the largest and most sophisticated mortgage lenders in the country, is a testament to their unique end-to-end solution.”
Following this round of funding, both Schneider and Ransenberg will join Cloudvirga’s board of directors, the company said.