Mortgage servicing platform Brace raised $10 million in a Series A funding round led by Point72 Ventures, the Santa Monica-based company announced Thursday. This new round brings the company’s total funding raised to $15 million in less than two years.
Brace has created a software platform for mortgage servicers, which are the companies that deal with the administrative work of handling a mortgage loan. This includes things like receiving payments, sending monthly statements and managing an escrow account. Through the Brace platform, companies can stay on top of these tasks as well as send messages to borrowers or follow up when a payment is late.
“Right now, servicers are forced to use decades-old technology to manage millions of U.S. mortgages—a problem that gets much worse for servicers who manage borrowers that are non-performing,” Brace CEO and founder Eric Rachmel said in a statement. “We take a different approach that is focused on modernizing the servicing process with software modules and services for mortgage servicing infrastructure, instead of the one-size-fits-all servicing system that often misses important nuances.”
Brace, which launched out of stealth in 2019, plans to use the Series A funding to add more SaaS features to its platform and acquire more clients. The funding will also help with the company’s go-to-market strategy.
