FirstClose provides underwriting workflow automation, point-of-sale software, and data services to HELOC and mortgage lenders, embedding its solutions with LOS partners like MeridianLink. The company serves more than 400 banks and credit unions and its EquityIQ customers have seen a 35% increase in online applications, a 25% increase in pull-through, and a 77% reduction in time to close. FirstClose was founded in 2000 and has been self-funded until this round. The company plans to use the new capital to accelerate product and growth strategies, expand its financial-services footprint, and hire additional sales and customer success resources. Leadership additions include a new CTO, Pat Carney, and SVP of Sales, Kathy Mantych. FirstClose intends to pursue both organic growth and growth through acquisition as part of its expansion. FirstClose provides a middleware application that gives mortgage lenders nationwide access to a host of national and local real estate service providers via the web or through direct integration into various loan origination systems. Its reporting suite is a comprehensive solution that delivers title, flood, valuation and other important data elements in a single report. Led by CEO Tedd Smith, the company plans to deploy newly raised funds toward sales and marketing, new hires, account management, technology-focused initiatives and enhancements, vendor and LOS integrations, and finance and accounting. FirstClose received a multi-million dollar funding from Cypress Growth Capital. Cypress Growth Capital is described as a royalty-based growth capital investor, indicating the investment was structured as growth capital. The financing is intended to support product integrations and technology enhancements tied to loan origination systems and vendor partners.

Total raised

$35M

Funding rounds

2

Latest round

Equity

Latest activity

May 2022