The Founder and CEO at Snapdocs, Aaron King, confirmed a new funding round of $150 million for the company recently. He talked of how he landed a job first in 1997 at a mortgage entity while studying in high school. He also received his notary license upon turning eighteen and started full-time mortgage closings.
Thereafter, he established a mortgage closing solution for the nation and has since been working to offer the best mortgage closings to clients. King has also stated how he has witnessed various digital closing solutions launch and eventually fail, even though several digital companies came into existence, tried to go beyond convention, and innovated on digital partnerships and transactions.
Snapdocs 150M Tiger Global Funding
Yet, the actual story behind closings remained a procedure based on paper and manual efforts in reality according to him. This remained the same in spite of other sectors realizing the benefits of digital innovation and fast-tracking their workflows accordingly.
He began Snapdocs eight years earlier based on the premise that the sector required vital digital tools linking all major aspects before shifting online. He strived to develop an entity that functioned behind the scenes, taking care of linking the companies, technologies, and people, enabling seamless digital closings with scalability for its customers.
As a result, a product was made, that steadily enhanced the lives of all the people that were connected. The transactions on the digital platform at Snapdocs have already touched millions of closings annually. There are thousands of title entities and financial institutions tapping this technology each month currently. Innumerable mortgage and real estate professionals are also using Snapdocs for the management and growth of their business on a monthly basis according to King.
With this wind in its sails, Snapdocs has garnered $150 million in funding as part of its Series D round according to him as per glazehousingwire. This takes the total funds raised to $260 million while the company’s valuation has soared to more than $1.5 billion.
The company’s growth indicates a fully digital shift in the complicated procedure for mortgage closings. Digital closings have turned conventional over the last year according to King and are steadily becoming a necessity for customers.
Title firms and lender clients, along with their partners, are doing away with costly errors, helping borrowers better and running operations smoothly. This makes King immensely proud in his own words. He also states that the company is serious about its function in the sector and it understands that with growth and scale, the entire ecosystem of partners and companies will also keep growing alongside.
He talked of recognizing the title firms, lenders, LOSs, eVaults, POSs, title production systems, webcam-based notary providers, attorneys, and notaries that collectively create the entire sector.
He also mentioned how progress would have been impossible in terms of digital mortgage closings if there was no cooperation or support from the above-mentioned industry stakeholders and all the entrepreneurs, companies, business owners, and operators that the company has partnered with over the years. It is only the beginning according to King and there will be more innovation to come in future years.
