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LenderClose Closes $10 Million Series B Round

March 23, 2021

LenderClose, a real estate and home equity lending technology platform, announced today that it has successfully closed a $10 million Series B funding round.

The West Des Moines-based company will use the funding to focus on the company’s rapid growth. Since its Series A in March 2018, the company has onboarded nearly 300 credit unions and community banks.

The investment comes from Next Level Ventures, Ardent Credit Union, Strata Credit Union, Tucson Federal Credit Union, Collins Community Credit Union, Financial Plus Credit Union, Serve Credit Union and Ascentra Credit Union.

“Our number one priority is growth. Growth in our people, our executive leadership, revenue and most importantly, maximizing value to our partners and users through innovative technology solutions,” said Omar Jordan, Lenderclose founder and CEO in a statement. “Real estate and home equity lending continues to be a friction-filled process. At LenderClose, our commitment to leveraging technology to bring continuous improvement across the real estate lending journey allows us to focus on what matters most, lenders’ efficiency and their borrower experience. This has never been more important as the pandemic accelerated the demand for LenderClose, specifically our contactless lending solutions such as remote online notarization (RON).”

The company projects that it will double its clients by end of 2022 and nearly double its staff by Q4 2021.

Previous coverage

Next Level Ventures announces new investment fund for fintech companies in the credit union industry -Feb. 4, 2021

LenderClose kicks off Series B round with investment from Ascentra Credit Union -Feb. 20,2020

Next Level Ventures leads $1.3 million investment in LenderClose -April 17, 2018

Tags: LenderClose Series B

1 Comment

Ben Milne

Posted March 23, 2021 at 12:18 pm

Congrats Omar, Allen, and crew! Go get em!

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Comments are closed.

LenderClose Closes $10 Million Series B Round | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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