Over the last year, Incenter increased its reach by launching a mortgage-focused broker-dealer called Incenter Securities Group and expanding into title and settlement services with the acquisition of Boston National, a provider of title and settlement services headquartered in Charlotte, North Carolina.
Now, Incenter, a Blackstone Group portfolio company, is expanding its reach again by investing in cloudvirga, a provider of mortgage process automation.
According to details provided by cloudvirga, the company raised $15 million in a Series B round of funding, led by Incenter.
cloudvirga is the developer of an automated, cloud-based mortgage point-of-sale system called “intelligent Mortgage Platform.” According to the company, iMP “empowers consumers to take the helm of a completely re-engineered mortgage workflow that automates the entire initial disclosures process and delivers unmatched transaction speed and efficiency to both borrowers and lenders.”
In a release, cloudvirga said iMP has processed more than $15 billion in loans since launching in early 2016.
And now, the company will use the $15 million in new funds to scale its technology and grow its portfolio of product offerings.
“Unprecedented mortgage regulation has exacerbated an already labor-intensive lending process and inconsistent consumer experience, making our solution more viable than ever,” Kyle Kamrooz, co-founder of cloudvirga, said. “We are thrilled to have the support of such a well-respected group of investors and look forward to continuing to shake up an antiquated industry process.”
