Roostify Celebrates Growth, Role of External Developers on its Platform

How many fintechs can boast of having more external developers working on its platform than in-house talent?

That’s the happy situation Roostify finds itself in. The automated lending technology innovator announced this week that the number of external developers working on the online mortgage platform now exceeds the number of Roostify’s in-house engineers. For newly-hired VP of Products, Sandeep Aji, this milestone is a major validation of the company’s ability to successfully promote the functionality of its API. “Our clients are finding value in the flexibility and extensibility that Roostify offers versus a static, off-the-shelf software program,” Aji said.

Pictured: Roostify co-founder and Head of Product Nathaniel Sokoll-Ward demonstrating the company’s platform at FinovateSpring 2016.

The ability to build customized workflows is at the heart of what is attracting both large enterprise customers as well as “tech-savvy smaller lenders” to Roostify’s platform. The Roostify API enables users to design their own processes to run within the platform and to easily integrate with their own CIS, CRM, LOS, and Access Control systems. This allows a wider number of potential users of the technology, who don’t have to wait for a specific integration for their system. “The API allows them to build that integration themselves and create the workflow that’s right for their business, rather than forcing them to adopt a different program in order to use Roostify,” Aji explained.

Founded in January 2014 and based in San Francisco, California, Roostify demonstrated its SaaS-based, end-to-end lending platform at FinovateSpring 2016. Last month, the company was named to the Forbes 2017 Cloud 100 list and was credited by First California Mortgage (First Cal) for helping them reduce average loan timeframes to 15 days (national average is 43 days). Also a member of CB Insights Fintech 250, Roostify added former Appfluent Technology CEO Frank Gelbart as Chief Revenue Officer in April, and announced a deal to power Chase Bank’s self-serve mortgage platform in February. The company has raised $8 million in funding, and includes USAA and Colchis Capital Management among its investors. Rajesh Bhat is co-founder and CEO.

Finovate Alumni News

On Finovate.com

  • Roostify Celebrates Growth, Role of External Developers on its Platform.
  • Emirates NBD Enlists Efigence for UX/UI Makeover.

Around the web

  • Icon Solutions initiates functional testing between the Instant Payments Framework and EBA Clearing’s RT1 platform.
  • Infosys to acquire product design and CX specialist, Brilliant Basics.
  • TechCrunch: Coinbase to provide support for Bitcoin Bash in 2018.
  • RealtyMogul.com celebrates the first anniversary of the first crowdfunded REIT, MogulREIT 1.
  • AutoGravity announces reaching 500,000 download milestone for its app.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Worldline Buys First Data Baltics for $85 Million.
  • Symbiont Announces Strategic Investment from Medici Ventures.

Around the web

  • Benzinga features SuperMoney, LendUp, Credit Sesame, Capsilon, & BeSmartee as companies revolutionizing lending.
  • HuffPost features Jeana Deninger, ‎Chief Operating Officer at CoverHound.
  • BellaDati announces BellaDati IoT Cloud for the exploration of real-time data from Cross Domain Development Kit XDK of Bosch Connected Devices.
  • Symphony Software Foundation now counts more than 50 projects, 100+ contributors, 4 working groups, & 25 members.
  • Roostify helps First Cal Cut Loan Process to 15 Days.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Expensfy Brings Auto Expensing to Lyft Business Riders.
  • Ephesoft Earns $15 Million Investment from Mercato Partners.
  • Summit View: What Drives Innovation in Regtech and Insurtech?

Around the web

  • LendingClub expands partnership with Opportunity Fund to help entrepreneurs access capital.
  • Gene Lockhart appointed Chairman of DemystData.
  • BioCatch receives patent for detecting the presence of remote access tools.
  • eToro launches Crypto CopyFund that includes top cryptocurrencies.
  • Segmint partners with IBM to enhance Financial Institutions’ data ACI Worldwide expands in Romania
  • FICO extends cybersecurity score to rate 4th party risks.
  • BrightFunds and Roostify named to Forbes Cloud 100.
  • GreenKey Technologies partners with Red Box Recorders to launch trading voice collaboration and compliance recording solution.
  • American National Bank selects Jack Henry Banking’s SilverLake System.
  • Hip Pocket graduates from Points of Light Civic Accelerator.
  • Financial Resources Federal Credit Union Teams with Roostify to Create Better Online Mortgage Experience.
  • Santander partners with supply chain finance startup Tradeshift.
  • Bancpass issued patent for its mobile payment technology.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

44 Alums Populate CB Insights’ Fintech 250 List

This week, CB Insights unveiled its Fintech 250 list. The research outfit selected 250 emerging, private companies in 17 sub-sectors of fintech that are changing the face of financial services. The roster includes 44 Finovate and FinDEVr alums that were selected using CB Insights’ data-driven process that analyzes company momentum, market participation, funds raised, and investor quality.

The list is in alphabetical order.

Algomi

AutoGravity

Avalara

Behalf

Betterment

Blend

Chain

Coinbase

Credit Karma

Currencycloud

CurrencyFair

Fenergo

Financeit

Gusto (formerly ZenPayroll)

Juvo

Kabbage

Kensho

Kreditech

Klarna

LendUp

Moneytree

PayNearMe

Payoneer

Personal Capital

Plaid

Quantopian

Quovo

Revolut

Ripple Labs

Roostify

Signifyd

SocietyOne

Socure

Tink

Token

Tradeshift

Transferwise

TrueAccord

Trulioo

VATBox

Wealthfront

Xignite

Zooz

Zopa

Finovate Alumni News

On Finovate.com

  • AutoGravity Brings its Auto Loan Financing Solution to the Garden State.

Around the web

  • Roostify names Sandeep Aji as Vice President of Products.
  • Symbiont partners with PrivateMarket.io to build alternative investment marketplace for closed-end funds.
  • Myanmar-based AYA Bank (Ayeyarwady Bank) chooses core banking technology from Misys.
  • NetGuardians wins spot in Euro Banking Association’s EBAday 2017 conference.
  • Clients of Nodus Technologies gain access to PCI-validated P2PE technology courtesy of new partnership with Bluefin Payment Systems.
  • Wall Street Journal reports Coinbase meeting with investors over a new round of funding that would lead to a billion dollar valuation.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Digitization, Data, and Automation: A Look at Tech Trends Driving MorgageTech.
  • The Way to San Jose: FinovateSpring 2017 Begins This Week.

Around the Web

  • Roostify taps former Appfluent Technology CEO Frank Gelbart as new Chief Revenue Officer.
  • Fraud prevention innovator Featurespace partners with UK digital family banking solution, goHenry.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Why PropTech and MortgageTech Are the Future of Fintech

If this is the first time you’ve heard the term proptech, it won’t be the last. Proptech (also known as real estate tech or REtech) and its subset mortgagetech have been around since 2014. Here’s why 2017 is poised to place proptech among the ranks of wealthtech, insurtech, regtech.

This year has already been favorable to mortgagetech and proptech companies. SoFi, for example, is about to close a massive, $500 million round, its competitor LendingHome topped $1 billion in mortgage loan originations last year, and RealtyShares has seen over $300 million raised on its platform. According to CB Insights, since 2012 the real estate technology sector has closed 817 deals worth $6.4 billion. Of that amount, $2.6 billion closed in 2016 alone, which represents a 40% increase from that sector’s funding in 2015.

In the U.S., there are a handful of reasons 2017 will be favorable to real estate. Interest rates are projected to rise for the second time, millennials are starting to buy their first homes, and investors are looking to diversify out of the volatile stock market. On top of all of this, regulations are slated to loosen under the Trump administration, and changing in regulation brings opportunities for innovation.

Players

The broader category of proptech can be broken down into four basic segments.

1- Mortgagetech
These are mostly B2B companies specifically focused on facilitating part of all of the mortgage application process. They do not lend or service the loan.

2- Digital mortgage lending companies
These online lenders facilitate the mortgage application process and service the loan.

3- Real estate investment tech
Companies in this category are focused on the investment aspect of commercial and residential real estate.

4- Pure property plays
These don’t have a fintech angle but play a role in the broader proptech industry. Since this category is out of scope for this blog, this list only encompasses a fraction of companies in this category. Check out CB Insights’ coverage of commercial real estate technology for more.

What’s ahead in 2017

  • Expect to see more mortgagetech-bank partnerships along the lines of Roostify’s recent deal with JP Morgan Chase. As banks try to gain a competitive edge for market share, more established banks will need to leverage mortgagetech offerings.
  • We’ll see more niche alt-lending solutions such as SoFi that facilitate the application process and save borrowers on closing costs.
  • Expect to see more players offering real estate investment technology, coupled with some consolidation in real estate crowdfunding companies.
  • Outside of fintech, we’ll see more platforms aimed at cutting out the middle person, the realtor; and more business models such as Knock and GoldenKey that make the selling process easier.

You don’t have to take my word for it

We posed the question, How do you see proptech/ mortgagetech growing in 2017? to these Finovate alums working in the space. Here’s how they responded:

BhatRajesh Bhat, CEO and cofounder of Roostify:

“We expect to see further widescale adoption of digital mortgage solutions – to the point where one should expect it to be table stakes in 2018. We should also expect to see more players emerge in the space as investors see larger market adoption and validation.”

 

Screen Shot 2017-02-23 at 9.52.53 AMLinda Schicktanz, Chief Advisor of CK Mack*:

“If there is one area ripe for fintech innovation, it’s real estate investing. Why put 30% down just to gain massive management headaches when you can now invest in rental cashflow online with very similar returns? Fintech and Real Estate are like peanut butter and jelly, they just go together!”

Screen Shot 2017-02-23 at 8.30.31 AMNima Ghamsari, cofounder and CEO at Blend:

“There is going to be an explosion in the use of data driving the mortgage process in 2017. Both Freddie Mac and Fannie Mae have announced their data initiatives toward the end of 2016, and lenders are starting to push consumer financial data aggregation into the core components of their customer experiences. This ties in nicely to the industry-wide push forward to a more digital, end-to-end process that started in 2016.”

Screen Shot 2017-02-24 at 4.07.54 PMJilliene Helman, CEO at RealtyMogul

“The impact of digital technology on the real estate industry and mortgage technology is still in its infancy, but I see both less experienced and more sophisticated investors, alike, moving toward a process that takes place entirely online. With over $250 million of capital invested and 100,000 registered investors on the platform, RealtyMogul.com is a testament to this change. The more that technology can offer real estate borrowers and lenders transparency, as well as the efficiency of process and convenience, the faster both sides will adapt.”


*Full disclosure: I’m related to Linda Schicktanz. Yup– she’s my mom.

Roostify to Power Self-Serve Mortgage Platform for Chase Bank

Screen Shot 2017-02-16 at 2.10.08 PM

As a borrower who is in the middle of a 3-month process of closing on a house, the phrase faster closings speaks to me. JP Morgan Chase must have had a similar realization when it inked a deal with Roostify today.

San Francisco-based Roostify is a SaaS-based, self-service mortgage application platform that places borrowers in control of their loan process, enabling them to track their application all the way through until close. Mike Weinbach, CEO of Chase Mortgage said that leveraging Roostify will allow the bank “to be where more of our customers are, which is online and on their phones, while still offering the option to work with us in person if they prefer.”

Aside from mobile and web accessibility, the Roostify integration connects borrowers, loan officers, and real estate agents. Combining this line of direct communication with eSign capabilities speeds up the documentation and paperwork process. This sounds like a dream compared to the process I’ve been through so far– I’ve hauled a 1980’s-era file full of documents to the bank branch three times during my mortgage application process.

Roostify presented at FinovateSpring 2016 where the company’s Nathaniel Sokoll-Ward, Head of Product, and Jonathan Kirst, CTO, showed off integrations with TurboTax, Equifax, as well as account aggregation capabilities for asset verification. Founded in 2012, the company debuted a number of new integrations last year, including one with Optimal Blue for mortgage pricing, PCLender for loan origination, and DocMagic for automated mortgage documentation.

Finovate Alumni News

On Finovate.com

  • AutoGravity Earns Multi-Million Euro Investment from Daimler.
  • Roostify to Power Self-Serve Mortgage Platform for Chase Bank.

On FinDEVr.com

  • Payoneer Launches Cross-Border, Mass Payment APIs

Around the web

  • Northern California’s Kaiperm Diablo FCU to deploy core banking technology from NYMBUS.
  • Shopkeep integrates its POS technology with First Data’s Clover platform in extension of current partnership.
  • Arxan launches Arxan Application Protection for JavaScript to protect JavaScript-based applications.
  • CuBroadcast interviews CUneXus CEO Dave Buerger.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.