Cloudvirga raises $50 million in Series C funding round (HousingWire)
May 16, 2018
On Wednesday, Digital mortgage point-of-sale software provider Cloudvirga announced it raised $50 million in its latest funding round. The company’s Series C funding round was led by private equity firm Riverwood Capital, and saw participation from Upfront Ventures, the company said.
Cloudvirga, which was recently named a 2018 HW Tech100 winner, said the new round of funding will support its mission to “help lenders reduce record-high loan production costs via automation and empower borrowers with greater transparency and engagement in the mortgage transaction.”
“We believe the material opportunity in the $1.6 trillion U.S. mortgage market lies in digitizing and automating not just the loan application, but the mortgage factory,” said Cloudvirga CEO Michael Schreck. “Our industry’s current ‘shiny object syndrome’ has resulted in a preoccupation with the digital application. Instead, Cloudvirga’s technology uniquely tackles the mortgage cost problem, which has helped us garner tremendous interest from many of the country’s top private-equity funds.”