Mortgage platform SimpleNexus secures $108 million
Utah-based digital mortgage platform for loan officers, borrowers, real estate agents and settlement agents SimpleNexus has received a follow-on investment of $108 million in Series B funding led by global venture-capital and private-equity firm Insight Partners.
Founded in 2011 and a team of ~129, SimpleNexus provides a private-label digital mortgage platform and mobile app that connects mortgage lenders with borrowers and real estate agents, allowing all parties to easily exchange data and documents through the lifecycle of a mortgage loan. The online application is custom branded to the lending institution and includes individual pages for each loan officer to share.
“SimpleNexus is systematically tearing down the technology barriers that gave the mortgage process a reputation for being disjointed, arduous and slow. First, we created a best-in-class mobile toolset that delivers hundreds of thousands of lender referrals each year by bringing together consumers, real estate agents and loan officers from the point of thought. Then we perfected the loan application with features like our mobile mortgage disclosures, which empowers borrowers to finish in hours a task that normally takes days. With the support of Insight Partners, we will build on the momentum we received from bringing to market the best eClosing experience lenders and consumers have ever seen. Our vision is to hone the entire home buying journey from the borrower’s first contact with a Realtor to the closing table and beyond.” – President of SimpleNexcus, Cathleen Schreiner Gates.
The $108 million capital raise follows Insight Partners’ initial investment of $20 million in SimpleNexus. Insight Partners has invested in more than 400 investments and has supported more than 50 software ScaleUps in the real estate and fintech verticals alone.
“SimpleNexus’ innovative solutions continue to change the mortgage industry in exciting ways. CEO Matt Hansen and the SimpleNexus team are executing at a remarkable pace on their long-term vision of streamlining the path to homeownership. The SimpleNexus platform continues to strengthen, addressing key industry pain points while preserving lender flexibility, efficiency and simplicity. We are thrilled to support the company’s continued growth and excited by the partnerships they are creating to deliver a seamless homeownership journey.” – Jeff Lieberman, Managing Director at Insight Partners.
SimpleNexus announced one such strategic partnership in November, a collaboration with Progressive that makes it easy for borrowers to secure a home insurance policy in the same app they use to complete other loan-related tasks.
SimpleNexus serves a user base of more than 29,000 loan originators and 123,000 real estate agents and more than 3 million borrowers. To date, the platform has handled over 13 million loans totaling over $3 trillion in volume.