ALEXANDRIA, Va., Feb. 4, 2016 /PRNewswire/ -- Notarize, the first digital remote notarization solution, today launched its mobile offering, which transforms the current antiquated paper notarization system and seizes on a $30 billion potential market opportunity (with an estimated 1 billion documents notarized annually in the United States). Notarize's 24-hour, on-demand solution allows for easy, quick and verifiable services online, enabling consumers in all 50 states to have documents notarized remotely, via mobile phone. The company launches with $2.4 million in seed funding led by Polaris Partners, with participation from Ludlow Ventures and other individuals. The app can be downloaded for free here.
"Notarize improves the experience for anyone working with documents that require notarization. It will impact consumers, organizations and notaries looking to make this a more productive process and profession," said Pat Kinsel, Founder and CEO, Notarize. "We are bringing this business into the 21st century and solving a real need. Notarize brings unprecedented security and verifiability to institutions fighting to reduce fraud and directly impacts the consumer experience by giving them an 'anytime, anywhere' solution that fits current lifestyles, all while increasing productivity for companies and institutions dealing with these documents."
Notarize is an electronic notary service offered to clients via an iOS application. The service functions like traditional notary, but takes place entirely online. Clients must verify their identity with a government issued photo ID, which Notarize authenticates using computer imaging technology and a software-based forensic analysis. The client is then connected with a commissioned Virginia Electronic Notary Public agent via live video call. The Notarize agent signs, stamps, and completes the electronic notarization process using digital tools. Once complete, the client may print and deliver the notarized document or send it electronically to their institution. In accordance with the Virginia statutes governing electronic notarization, all video calls are recorded, so the institution receiving the documents may verify the transaction, thereby reducing the opportunity for fraud. Documents processed through Notarize are accepted across all 50 states. Due to Notarize's proprietary technology, electronic files can now be shared with consumers and organizations in various industries, dramatically reducing complexity, time spent, and cost.
Notarize is able to provide this service largely due to the 2011 bill passed in the Commonwealth of Virginia (Senate Bill 827 and House Bill 2318, enacted in 2012 to provide the first on-demand remote electronic notarization platform), allowing appropriately certified Virginia notaries to complete remote notarization via live video call. Furthermore, a document remotely notarized in Virginia is valid across state lines due to the Full Faith and Credit Clause of the United States Constitution and state laws that specifically address and accept out of state notarizations.
"I'm thrilled to welcome the launch of Notarize and its investment in Virginia. This is an excellent example of how the laws and regulations in Virginia make us the best state in the country for business. Notarize is using cutting edge technology to create new jobs and make a government process much more secure and efficient. This is a wonderful example of how we are opening opportunities and attracting national entrepreneurial talent to the Commonwealth to build the new Virginia economy," said Virginia Governor Terry McAuliffe.
Secretary of the Commonwealth Levar Stoney agreed, saying: "Millions of people need notaries every day to assign a power of attorney, authorize financial transactions, or purchase a home. Remote notarization offers a more convenient, informed and secure solution for consumers completing potentially life-altering transactions. With the launch of Notarize, Virginia is on the forefront of this transformation."
Notarize services are available now, with certified VA-based notaries trained and ready to provide the service. Each notarized signature costs consumers $25. Every video transaction is saved and stored for five years, greatly enhancing the ability for institutions to verify the notarization process from the current paper-based system.
Dave Barrett, Managing Partner at Polaris Partners, recognized the importance of passion and the power of applying technology to business processes in dire need of change:
"Pat's vision, passion and thoughtful execution of transforming the notarization business model embody all that we look for in the founders with whom we partner. At Polaris, we take pride in having had these same experiences as former entrepreneurs and operators ourselves," said Barrett. "Notarize addresses a very real problem for not only consumers, but for a multitude of businesses across the real estate, finance, government and legal industries. The platform will drive true efficiency and security into a process that has been painfully manual for far too long."
Notarize, the first on-demand remote electronic notary service, allows clients in all 50 states to have a document legally notarized from their iPhone 24 hours per day, 7 days per week. Notarize connects individuals with licensed Virginia electronic notaries via live video call. The technology also opens many industries, including financial services, real estate and legal to faster turnaround times, increased productivity with reduced complexity and human error. Serving a market of more than one billion transactions each year, Notarize is bringing the notary process into the 21st century.
The company was founded by CEO, Pat Kinsel, venture partner at Polaris Partners and former founder of Spindle, which was sold to Twitter. Pat is joined by COO, Adam Pase, entrepreneur and former chief strategy officer at the Hope Street Group, whose career has been dedicated to applying technology to make government more efficient. Notarize advisors include Andrew "Boz" Bosworth, VP of Engineering, Facebook; Dan Tangherlini, Former Administrator of the GSA and CFO for the U.S. Department of Treasury, Hugh Fitzpatrick, CEO of New England Title, LLC and others. The company has investment from Polaris Partners, Ludlow Ventures, and other individual angel investors, and is based in Alexandria, VA.