Brace, a U.S.-based digital mortgage-servicing platform, recently announced that it has raised an additional $10M in Series A funding led by Point72 Ventures. Founded in 2017, Brace states it provides technology solutions to “drive innovation” in the mortgage servicing industry.
“Brace is developing a full suite of digital solutions to service non-performing mortgage loans. The Company built the first-ever fully integrated workflow automation software solution that streamlines delinquent mortgage servicing.”
The funds from the Series A round will be used to expand Brace’s platform with additional SaaS technology impacting other segments within the lifecycle of mortgage servicing while also growing their client base. Speaking about the investment, Eric Rachmel, CEO of Brace, stated:
“Point72 Ventures adds significant value to our team with its deep bench of resources and expertise that will support us in furthering business development efforts, go-to-market strategy, and product expansion. 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. 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.”
Tripp Shriner, Partner at Point72 Ventures, added:
“We believe Brace has the potential to revolutionize mortgage servicing, which is an industry that is primed for change. 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.”
