Brace, a U.S.-based digital mortgage-servicing platform, announced on Tuesday it secured $15.7 million through its Series B funding round, which was led by Canvas Ventures and included participation from Point72 Ventures and Crosslink Capital. This investment comes less than a year after Brace raised $10 million through its Series A round.
As previously reported, 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.”
Brace further revealed it has seen tremendous growth in 2020, adding a number of the largest mortgage servicers to its client base. Speaking about the company’s growth, Eric Rachmel, CEO of Brace, stated:
“An enormous amount of value is locked inside legacy core systems, and in this past year the COVID-19 crisis has been a catalyst for speeding up innovation in servicing.”.
Also commenting on the investment round, Rachmel noted:
“We’re thrilled to add Canvas Ventures to the Brace family and to see such strong support from our existing investors. Canvas Ventures general partner Rebecca Lynn brings more than 20 years of fintech operating and investing experience and we look forward to partnering with her on our path to defining a market-leading servicing platform. This year has been transformative for Brace and we look forward to working with our clients to power the future of servicing for years to come.”
Brace then added it will use the new funding to expand its team, broaden the suite of services it offers, and bolster future product initiatives.