Brace, a Los Angeles, CA-based digital mortgage-servicing platform, raised an additional $15.7M in Series B funding.
The round, which brought total funding to over $30m, was led by Canvas Ventures with participation from existing major investors Point72 Ventures and Crosslink Capital.
The company will use the new funding to expand its team, broaden the suite of services it offers, and bolster future product initiatives.
Brace has seen tremendous growth in 2020, adding a number of the largest mortgage servicers to its client base. “An enormous amount of value is locked inside legacy core systems, and in this past year the COVID-19 crisis has been a catalyst for speeding up innovation in servicing,” said
Led by Eric Rachmel, CEO, Brace developed a modular, digital platform for mortgage servicing that improves the customer experience and reduces the cost to service delinquent borrowers in loss mitigation. Its loss mitigation solution includes key features such as a self-serve borrower platform with workflow and decisioning that allows servicers to pick and choose which tools they would like to deploy, doing away with the pain of ripping out and replacing large legacy systems.
In 2020, the company received a No-Action Letter (NAL) Template from the Consumer Financial Protection Bureau (CFPB) that its customers can utilize to obtain their own NAL.