IRVINE, Calif., July 28, 2016 /PRNewswire/ --cloudvirga, the company developing the cloud-based intelligent Mortgage Platform® (iMP) designed to streamline the mortgage process, today announced it has raised $7.5M in its series A funding sponsored by Dallas Capital with participation from Upfront Ventures and Tribeca Angels.
cloudvirga intends to use the funds to continue scaling its enterprise platform in the cloud and add key staff members for implementation. A fintech company at its core, cloudvirga is revolutionizing the mortgage industry by leveraging data and deploying an automated workflow to reduce overall cost, increase transparency and shorten the time it takes to close a loan for all parties involved.
"Increased regulations stemming from the subprime mortgage crisis have made the entire process more labor intensive and time consuming than ever, and those are the pain points we're alleviating with iMP," said cloudvirga Co-founder and CEO, Bill Dallas. "We're honored that such esteemed investors support our mission to digitalize the mortgage industry, and the new funds will help allow us to further innovate our platform and expand our offerings."
Since launching in August of 2015, cloudvirga has processed nearly $5B in loans, digitizing many of the steps needed to close a loan and reducing closing/processing times.
"The mortgage industry has been in dire need of disruption for decades, and we're impressed with the amount of automation cloudvirga is bringing to the space," said John McEvoy, Managing Partner at Tribeca Angels.
About cloudvirga cloudvirgaSM is the company behind the cloud-based intelligent Mortgage Platform® (iMP) designed to streamline the mortgage process. The platform is digitizing the mortgage industry by leveraging data and deploying an automated workflow to reduce overall cost, increase transparency, and shorten the time it takes to close a loan for both borrowers and lenders. Founded by Bill Dallas, Kyle Kamrooz, and Mark Attaway, seasoned financial veterans with a proven track record of building mortgage-related technologies, cloudvirga is disrupting the antiquated mortgage industry.