The company intends to modernize the servicing process with its digital platform
Mortgage-servicing company Brace has secured an additional $10 million in a Series A funding, an investment round that brings the company’s total funding to $15 million.
Brace said it would use the capital to support the expansion of its digital platform and product offerings, as well as grow its client base.
“Right now, servicers are forced to use decades-old technology to manage millions of US mortgages – a problem that gets much worse for servicers who manage borrowers that are non-performing,” said Brace CEO Eric Rachmel. “We take a different approach that is focused on modernizing the servicing process with software modules and services for mortgage servicing infrastructure, instead of the one-size-fits-all servicing system that often misses important nuances.”
Venture capital firm Piont72 Ventures led the financing round, with participation from existing investors, including Crosslink Capital.
“We believe Brace has the potential to revolutionize mortgage servicing, which is an industry that is primed for change,” said Tripp Shriner, partner at Point72 Ventures. “We’re impressed by the progress Brace has already made in tackling complex industry problems and developing solutions that benefit everyone involved in the process.”
