Boston-based fintech Stavvy announced that it has raised over $40 million in Series A funding. The company stated that the investment will be used to expand hiring to accelerate growth in paperless and digital solutions for banking and lending.
The round was led by Morningside Technology Ventures, a private equity and venture capital investment firm based in Cambridge and Hong Kong. At over $40M, this is the largest Series A in New England FinTech, LegalTech and PropTech history, the company said in a statement.
Part of this funding will be used to hire several key new team members, including Shane Hartzler, former director for eMortgage strategy and operations at Fannie Mae, who recently joined Stavvy as Chief Strategy Officer.
Stavvy also announced its alliance with Flagstar Bank, the sixth-largest bank mortgage originator in the country, to provide remote loan modification services.
Stavvy is a Boston-based, venture-backed financial technology company that designs platforms to manage security risk, eliminate fragmentation, and increase speed, efficiency, and transparency in lending and banking. The company’s mission is to transform how business is conducted remotely by making complex legal and financial transactions easier, safer, and more accessible to all. Its software includes eClosing functionality like remote signature, remote notary, and video conferencing tools that enable businesses, lenders, and their customers to perform remote transactions.