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Brace developed a modular, digital platform for mortgage servicing that improves the customer experience and also reduces the cost to service delinquent borrowers in loss mitigation.
FREMONT, CA: Brace, a digital mortgage-servicing platform, has declared that it raised an additional $15.7M in Series B funding led by Canvas Ventures. The investment round included participation from existing major investors, including Crosslink CapitalPoint72 andVentures. The round closed in late 2020, just 10 months after Brace secured its Series A, bringing the Company's total funding to over $30M.
Brace has witnessed 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," stated Eric Rachmel, CEO of Brace. The Company will utilized the new funding to expand its team, broaden the suite of services it offers, and bolster future product initiatives.
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Brace developed a modular, digital platform for mortgage servicing that improves the customer experience and also reduces the cost to service delinquent borrowers in loss mitigation. The current environment, in which more borrowers are experiencing financial hardships, has caused servicers to review existing workaround solutions and offline processes to solve these tough problems. In 2020, Brace received a No-Action Letter (NAL) Template from the Consumer Financial Protection Bureau (CFPB) that its customers can use to obtain their own NAL.
"We're thrilled to add Canvas Ventures to the Brace family and to see such strong support from our existing investors. Canvas Ventures general partner Rebecca Lynn brings more than 20 years of fintech operating and investing experience and we look forward to partnering with her on our path to defining a market-leading servicing platform," stated Eric. "This year has been transformative for Brace and we look forward to working with our clients to power the future of servicing for years to come."
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