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Mortgagetech on the Move as Roostify Closes Series A Round Led by USAA

Roostify_homepage_Oct2015

While deal-terms were not disclosed, we learned late Wednesday that mortgage-transaction technology innovator Roostify has wrapped up a Series A investment round led by USAA.

“Roostify is innovating the home-buying process for consumers and lenders through a platform that brings simplicity and efficiency to something that sorely needs it,” said Michael Smith, USAA executive director for corporate development.

Roostify CEO Rajesh Bhat asserts the solution “brings a user friendliness to the process that benefits lenders and applicants by streamlining the process. (It cuts) the time to close loans and lessens errors in the applications.”

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From left: Roostify Lead Engineer Jonathan Kirst and CEO Rajesh Bhat demonstrated at FinovateSpring 2014 in San Jose, California.

Also participating in the funding were Colchis Capital and “two tier-1 banks.” Bhat said the funding will help grow the technology and bring more lenders to the platform.

Roostify simplifies the challenging process of buying a home for all parties involved. Home-buyers using the platform benefit from 100% transparency and greater control over the process, resulting in greater accountability and lower costs. Lenders can approve and process more loans faster using Roostify, having processed thousands of applications through the platform since its launch in early 2014.

Founded in March 2013 and headquartered in Burlingame, California, Roostify made its Finovate debut at FinovateSpring 2014 in San Jose.