SimpleNexus raises $20 million
Digital mortgage platform developer, SimpleNexus, has announced it raised $20m in growth capital from Insight Venture Partners to accelerate continued growth and expansion.
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.
“Our unprecedented growth clearly demonstrates the leading role SimpleNexus occupies in the digital mortgage movement and an industry-wide embrace of our mobile-first technology that is making the mortgage process more efficient. As we historically have been self-funded, we know that this new partnership with Insight Venture Partners will catalyze our growth, and provide our executive team with the additional resources to drive market expansion.” – SimpleNexus founder & CEO, Matt Hansen.
SimpleNexus now has 15 of the top 25 retail mortgage lenders in the US using its enterprise digital mortgage platform. Over $100b in transactions have flowed through the platform, and over 450k borrowers have used the SimpleNexus app.
“In the mortgage industry – and across financial services more broadly – we continue to see acute needs for improving the customer experience, empowering agents on the front line, and streamlining processes to reduce costs on the back end. The impressive traction that SimpleNexus has gained in this marketplace is a testament to the immediate and lasting value their mobile tools deliver for loan originators and borrowers alike. We look forward to welcoming them to our portfolio and driving further growth for their best-in-class solutions.” – VP, Insight Venture Partners, Paul Szurek.
With SimpleNexus, a loan officer becomes a Mobile Originator™. Through its smartphone app, loan officers are able to view new loan applications instantly, pull and view credit reports, run live pricing scenarios via Optimal Blue, see a live CRM feed and send pre-approval letters – all of this from the palm of their hand, as the app connects real-time with their LOS.
“Rather than replace the role of the loan officer, our custom digital solutions improve the borrower experience by cultivating the human to human interaction, which remains a core focus of SimpleNexus as we develop technology to support loan officers.” – SimpleNexus CMO, Joe Wilson.