Snapdocs, a digital closing platform for the mortgage industry, has raised another $150 million, this time in Series D funding, leading some to speculate that the company is a unicorn, a privately held company valued at over $1 billion.
The round was led by Tiger Global with participation from Sequoia, Y Combinator, F-Prime, Maverick, Alkeon, and Wellington Management. This brings Snapdocs’ total funding to $260 million and increases valuation to over $1.5 billion.
“Closings require tight coordination between many parties in a fragmented ecosystem, all of whom have their own systems and processes,” said Aaron King, founder and CEO of Snapdocs. “Snapdocs is in the background doing the hard work of connecting the ecosystem to orchestrate the perfect close.”
The company says the new round will accelerate Snapdocs’ vision of building the digital infrastructure that connects lenders, settlement services and borrowers together to digitize mortgage closings at scale.
“High-quality technology components for digital closings like eSignature and webcams have all existed for decades, but Closings only emerged as a distinct category when all the disparate parties could be connected,” said King. “Snapdocs is the connective tissue between dozens of different participants, tools and processes involved in mortgage closings, and that connection is what allows lenders to realize the benefits of digital closings at scale.”
The company says it has closed “hundreds of thousands” of closings in the seven months since it raised a $60 million Series C funding round.