US-based mortgage lending software developer Roostify received $32m on Tuesday in a series C round led by growth equity firm Ten Coves Capital that included financial services group JPMorgan Chase.
The round also featured Mouro Capital, the venture capital firm spun off by banking firm Santander, and Point72 Ventures, the VC arm of asset management firm Point72, as well as Cota Capital, Colchis Capital and principals from private equity firm Stone Point Capital.
Roostify provides software for mortgage lenders that helps them digitise and simplify the loan application process. It serves more than 200 mortgage lending organisations and processes around $50bn in loans each month.
The funding will go towards increasing headcount at Roostify by 50% and enhancing its artificial intelligence technology. It has now raised at least $65m since it was founded in 2014.
The company secured an undisclosed amount in a 2014 seed round led by financial services firm American Capital Corporation and backed by unnamed angel investors, before receiving $500,000 through financial services firm Wells Fargo’s startup accelerator the following year.
Financial services provider USAA led a series A round of undisclosed size for Roostify in 2015 that was likely sized at a minimum of $4.7m according to a regulatory filing, investing with Colchis Capital and two undisclosed banks.
The company closed a $25m series B round in 2018 backed by Mouro Capital (then Santander Innoventures), JPMorgan Chase, a subsidiary of USAA, Cota Capital, Point72 Ventures and Colchis Capital, adding an undisclosed amount from Mouro Capital in late 2019.