MintzTech Connect Industry News: Spotlight on Stavvy
In this month’s newsletter, we are thrilled to feature Stavvy, an innovative fintech company that provides a collaborative platform for lenders, title agents, attorneys, notaries, settlement agents, borrowers, and others involved in real estate transactions.
In May of 2021, Stavvy announced a $40+ million Series A funding round, the largest in New England’s fintech and proptech history. The investment, led by Morningside Technology Ventures, is being used to expand Stavvy’s capabilities in remote solutions for banking and lending, especially in loan servicing as a critical solution for homeowners during the COVID-19 pandemic.
What began as a conversation between MIT Sloan alumni Josh Feinblum and Kosta Ligris about the current state of real estate became an opportunity to lead industry modernization through the integration of technology. The two shared a vision: with Josh’s expertise in cybersecurity and Kosta’s extensive legal experience in real estate and mortgage banking, they could be the solution in making notoriously difficult real estate transactions remote and secure for all parties involved in the process. While technology has improved processes for many industries, the way a home loan is transacted does not look much different today than it did decades ago. In some cases, it has become even more complicated. Currently, most home closing documents are exchanged via email, which is notoriously insecure and disorganized. There is no central file depository, so if one member of the closing team is unavailable, no one else can access their documents, bringing the process to a grinding halt. Finally, getting all the relevant players (lenders, agents, home buyers, notaries, etc.) together in the same room with all the necessary papers is difficult and can drag on for hours. And all of this is pre-COVID.
Today, Stavvy operates as a fully integrated digital mortgage and banking platform based in Newton, Massachusetts that empowers consumers, lenders, and vendors to securely and efficiently facilitate financial transactions like never before. With Stavvy, closings and important transactions are simplified and can be completed remotely while ensuring total compliance, updating an antiquated process for the modern fintech market.
Stavvy believes that organizations need more than just an eClose platform, so Stavvy provides lenders with tools to manage communications, workflow, and deliverables with their third-party vendors, giving lenders visibility into the scheduling of customer sessions with settlement and title providers as well as access to documents and notifications in real time. Plus, the platform’s secure messaging mitigates the risk of fragmented communications and overuse of email, including manual and redundant updates, ensuring a seamless user experience.
Stavvy’s solution empowers all lenders, including community and regional banks, with the technology they need to stay competitive while continuing to offer a superior customer experience.
Josh and Kosta are committed to building a vibrant, nurturing company culture as they expand Stavvy’s reach beyond real estate.