Flueid, a mortgage and real estate technology company founded by executives with title-related expertise announced Monday that it’s planning an expansion funded by two investors, Aquiline Technology Growth and Commerce Ventures.
The undisclosed amount of Series A funding will help the company build out its technology, which is currently focused on helping lenders keep timelines under control through measures that include automating portions of the title insurance approval process.
“This funding validates a year of record growth and revenue,” said Peter Bowman, CEO of Flueid, in a press release. “We’re delivering key real estate industry differentiators without disrupting workflow for a variety of customers, including new fintech solution providers who are digitizing the mortgage process.”
Many lenders are seeking improvements in the speed of title insurance approvals and other steps as
That’s a concern for the mortgage and real estate industry because homebuyer mortgages are governed by time-sensitive contracts.
“Flueid has innovative technology that addresses many pressing challenges found in the traditional loan lifecycle," said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners ATG, in the press release.
The mortgage industry historically has been slow to innovate, and while it’s made some advances in recent years, the investment in Flueid suggests there’s room for improvement.
“We're always looking for experienced management teams that are building technology solutions in large, but under-innovated verticals of financial services — and we found a natural fit with Flueid,” said Vivek Krishnamurthy, principal at Commerce Ventures, in the press release.
