Digital mortgage software provider BeSmartee has secured a strategic growth investment from Boston-based venture and growth stage investment firm M33 Growth. Terms of the deal were not disclosed. In a statement, the company said the capital will help accelerate growth of the Huntington Beach, California-based fintech, as well as power further product innovation.
Calling 2020 a “pivotal year for the mortgage industry,” BeSmartee CEO and co-founder Tim Nguyen underscored the value of a platform like BeSmartee’s in “driv(ing) higher volumes for and ROI to” customers. “We believe that M33’s investment and knowledge will help us to bring our product to more customers and continue to build out our capabilities,” he said.
BeSmartee enables banks, credit unions, and non-bank lenders to deliver a complete digital mortgage experience for their customers. The company offers a white-labeled, mortgage POS that helps lenders go to market faster (zero to POS in 30 days) and better compete with tech-savvy fintechs and marketplace banks. BeSmartee’s technology has been particularly helpful to bank and non-bank lenders alike during the COVID crisis, as lenders have moved “with greater urgency” to embrace digital mortgage options. BeSmartee has referred to this demand for POS platforms as “exponential.”
A Finovate alum since 2017, BeSmartee began this year teaming up with NOVA Home Loans, a Tucson, Arizona-based mortgage banker. Earlier this month, the company announced that it had achieved a 100% customer retention rate in 2020, a 91% customer conversion rate, and growth of 50% in its customer base. “We deepened our integrations with LOS partners, pricing engines, and document providers, along with numerous other integrations to deliver a better experience to our customer base,” BeSmartee Operations Manager Rick Johnston said. “The suite of new tools rapidly increased the rate of loan officer adoption and, in turn, skyrocketed lender ROI.”
