Cloudvirga, the developer of a cloud-based platform designed to empower consumers to take a bigger role in the mortgage process, announced this morning the startup had closed a $15 million Series B.
With the influx of capital, the Irvine-based startup plans to continue to scale its platform, as well as develop new products.
Founded in 2016, the real estate tech startup's mortgage point-of-service fights redundancies in the mortgage process by allowing automation of the entire initial disclosures process. This leads to much faster transaction speeds for both the borrower and the lender.
"Unprecedented mortgage regulation has exacerbated an already labor-intensive lending process and inconsistent consumer experience, making our solution more viable than ever," Co-Founder Kyle Kamrooz said in a statement. "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."
In July 2016 — just a few months after launching — the startup closed a $7.5 million Series A. The most recent round was led by Incenter a Blackstone Group portfolio company.
Images via Facebook.
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