Cypress Provides $3M Non-Dilutive Financing for Austin-Based Fintech Company
"This non-dilutive investment provides us with the right type of funding at the right time as FirstClose launches into its next phase of strategic growth," said Tedd Smith, chief executive officer of FirstClose. "We are experiencing consistent year-over-year growth with a 62% revenue increase in 2017 alone. The support and know-how from Cypress Growth Capital is exactly what FirstClose needs to propel future growth and gain even more market share."
Cypress Growth Capital is pleased to announce our recent investment in FirstClose, a provider of technology solutions for mortgage lenders nationwide.
Headquartered in Austin, FirstClose's proprietary software and comprehensive data sources expedite the loan origination process for more than 200 banks and credit unions, reducing closing times, cost and risk. Last year the company processed $7.1 billion in residential mortgage and home equity loans.
The company's newest offering--The FirstClose Report--consolidates title, flood, valuation, tax and credit information within 30 seconds into a single report. The result is an average decrease in loan closing time from 40 days to an industry leading 14 days. This efficiency and ease is driving client demand for the FirstClose software solution and the related need for capital to fuel continued growth.
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