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JetClosing, a cloud-based digital title and escrow startup, announced this morning that it has raised $9 million in a Series B funding round.
T. Rowe Price Associates Inc. led the financing, which also included participation from Pioneer Square Labs (PSL) and Trilogy Equity. The investment brings the Seattle-based company’s total raised since its 2016 inception to $35 million.
JetClosing’s cloud-based platform aims to make home closings and mortgage refinances “more transparent, efficient, safe, and stress-free for everyone involved in the transaction” by streamlining the “historically manual” title and escrow process.
Homebuyers, sellers, agents and borrowers have the ability to collaborate remotely using JetClosing’s online dashboard or mobile app, both of which the company says enable secure document transfers, wire transactions, remote online notarizations (RON), and e-signatures.
The platform also provides real-time notifications on the status of a transaction.
JetClosing is currently available in Arizona, Colorado, Nevada, Florida, Pennsylvania, Texas and Washington.
The company plans to use its new capital to boost its offerings and expand into new markets.
Since the onset of the COVID-19 pandemic, JetClosing has seen a big bump in business. In particular, in June, it saw a 124% increase in orders compared to April. Part of that can be attributed to new legislation that allows for RON in nearly every state compared to only 23 prior to March, the company said. In general, it’s seeing an influx of refinance applications that are being processed remotely.
“In light of the current economy, this funding demonstrates unequivocally that there is a real market need for a digital workflow to facilitate home closings for resale and refinancing transactions,” Greenshields said in a statement. “Pandemic or not, consumers expect a technology-first closing process that’s catered to their fast-paced, on-demand, and mobile lifestyles.”
In an effort to prevent fraud commonly associated with home-buying scams, JetClosing said it has implemented a number of security measures, including a recent partnership with CertifID, an identity and account verification platform for protecting money transfers.
Geoff Entress, managing director of PSL, said that his firm’s investment in JetClosing recognizes “the company’s growth as well as the value of the underlying technologies that power the platform and protect user data.”
“Cybersecurity is so critical in a remote operating environment and JetClosing’s standards are unmatched in the industry,” he added.
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