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Stavvy, <\/strong>a Boston-based <\/strong>fintech, announced Monday that it landed a $40 million Series A funding round led by Morningside Technology Ventures<\/strong>. The company says the round is the largest Series A for a New England fintech and it plans to use the capital to double or even triple its staff by the first quarter of 2022.<\/p>\n \u201cWe are adding resources to engineering, security and trust, product, industry relations, legal, compliance and more. The goal is to hire the best and brightest in the industry, as well as brave and curious engineers and product leaders that don\u2019t just build but innovate,\u201d said Stavvy Co-founder Kosta Ligris.<\/p>\n Stavvy has already been focused on targeted hires, most recently adding Shane Hartzler, former director for eMortgage strategy and operations at Fannie Mae<\/strong>, as chief strategy officer.<\/p>\n Notable in light of the current servicing challenges facing the industry, Stavvy\u2019s eClosing technology is designed to facilitate faster borrower communication and closings as servicers work through loan modifications, referrals and forbearance.<\/p>\n \u201cOur first goal was to make mortgage lending easier and more accessible, but we\u2019ve been intentional in recognizing that our technology can be used to facilitate so much more, including commercial lending, servicing, foreclosure and more,\u201d Ligris said. \u201cCOVID19 certainly accelerated development and focus on servicing, coming out of 2019 with record low default and foreclosure.\u201d<\/p>\n In addition to the funding round, Stavvy also announced its alliance with Flagstar Bank<\/strong>, the sixth-largest bank mortgage originator in the country, to provide remote loan modification services.<\/p>\n \u201cStavvy\u2019s digital technology has helped Flagstar efficiently and securely assist homeowners seeking relief with their mortgage payments due to COVID-19,\u201d said Ken Creech, CIO of servicing for Flagstar. \u201cThanks to Stavvy, we can process more requests to help customers more quickly, reduce errors in the signature process, and even better, walk homeowners through their loss mitigation closing during this difficult time.\u201d<\/p>\n The funding caps a period of intense growth period for Stavvy. In January the company integrated with ICE Mortgage Technology<\/strong>\u2019s Encompass Digital Lending Platform and in March, Stavvy became a MISMO Certified Remote Online Notarization Provider. The company was recognized as one of the 2021 HW Tech100 winners<\/a> for its native eSign and hybrid transaction tools. <\/p>\n \u201cWhen we launched Stavvy in late 2019, we had no idea what was in store for the world in 2020. We\u2019re proud of the technology we\u2019ve developed to help homeowners and buyers in this challenging time, and grateful for this opportunity to amplify our services and impact,\u201d said Stavvy Cofounder Josh Feinblum.<\/p>\n The lead investor in the Series A round, Morningside Technology Ventures, is a private equity and venture capital investment firm based in Cambridge and Hong Kong.<\/p>\n \u201cStavvy has the technology, team, and strategy to be at the forefront of the global digital transformation of financial services,\u201d said Gerald Chan of Morningside Technology Ventures. \u201cWe are confident in Stavvy\u2019s ability to change the lending and banking experience for both institutions and consumers. We are especially proud to support the company\u2019s efforts to enable COVID loan relief during these unprecedented times.\u201d<\/p>\n The post Stavvy lands $40 million Series A for aggressive growth<\/a> appeared first on HousingWire<\/a>.<\/p>\n