During the COVID-19 pandemic, many of the world’s industries have had to adapt and make changes during unprecedented times. This includes the mortgage lending industry as more people have been refinancing their homes, forcing technology to modernize in order to keep up. Reggora is a tech innovator looking to transform the mortgage process.
On Tuesday, the Boston-based company announced the close of its $30 million Series B round led by Spark Capital, bringing its total venture funding to over $45 million to date. Other participating investors in this round included Boston Seed, 1984, Shine Capital and Greenpoint Partners.
Reggora is aiming to make two-day appraisal times possible. Currently, the process often takes up to a week or two.
“The appraisal industry is ready for innovation and we are excited to be at the forefront of those efforts,” Brian Zitin, Reggora’s co-founder and CEO, said in a statement. “We’re grateful for the continued confidence that our investors have placed in us and our ability to impact the industry.”
Its dual-sided platform provides mortgage lenders and appraisal vendors with tools that help automate the appraisal process, like payment processing, appraisal ordering, reviews, appraisal delivery and status updates. The company also integrates with loan origination and point-of-sale systems including Black Knight and SimpleNexus.
“Lenders and consumers are both demanding better overall user experiences as digital transformation continues to take over the mortgage world, and we want to make sure appraisal doesn’t fall behind,” Will Denslow, Reggora’s co-founder and CTO, said in a statement.
The new funding will help Reggora build toward its goal by growing its team, investing in new tech integrations and expanding its national presence. Currently, the company has several open positions listed at its Boston office for roles in customer success, engineering, product and more.
