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Los-Angeles based automated mortgage service provider Brace raises 15.7M dollars in its Series B funding round.
This round is conducted by Canvas Ventures involving current major investors, Crosslink Capital and Point72 Ventures. Brace's total Capital has raised to 30M dollars after this round, carried out just ten months after Series A.
Let's have a look at the two companies
About Brace: Founded by Eric Rachel, Brace is a digital mortgage-servicing platform. To service mortgage loans, Brace is building a full range of digital solutions. It has developed the first-ever entirely integrated workflow automation software solution that simplifies difficult mortgage services.
In 2020, Consumer Financial Protection Bureau (CFPB) offered a No-Action Letter (NAL) template to Brace that its clients can use to procure their NAL. This year, Brace has also witnessed massive growth including a number of the major mortgage companies as its customer base.
About Canvas Venture: Canvas Venture is a San Francisco Bay Area-based boutique venture capital company with around 825 million dollars under management. It was founded in 2013 by Rebecca Lynn. Canvas operates Series A and Series B investments in specific areas, such as Marketplaces, FinTech, Infrastructure Applications, Digital Health, and Logistics.
The venture's investment associates, Mike Ghaffary, Paul Hsiao, Rebecca Lynn, and Gary Little, are also known for investments made before to Canvas, including Lending Club, MuleSoft, Upwork, Houzz, and many more.
Where will the funding be invested?
The company will utilize the new investment to broaden its squad, develop the suite of services it provides, and support future product campaigns. According to Eric, adding Canvas to the Brace's family will allow it to try many opportunities. Furthermore, Canvas investors had been a strong support for Brace.
In this current environment, where borrowers face financial difficulties, Brace is working hard to remove the existing workaround solutions and process offline to give its customers a better experience.
Brace continues to speed up its services irrespective of the pandemic crisis, which shows the new funding will surely help Brace reach heights and achieve its mission thereby adding innovations in services after partnering with Canvas.
The Last Word
Brace persistence to be a pioneer in the unbundling of the servicing software platform. Brace's approach to microservices enables it to fulfil its customers' particular needs. The company distinguishes itself by offering a solution that allows seamless customization and modular creation based on customer-specific requirements to the real estate.
The loss mitigation system includes significant characteristics such as holding a self-serve borrower platform with decisions and workflow to enable servicers for picking and choosing the tools they would like to implement, eradicating the processes of changing the large legacy systems.
