Cloudvirga, an Irvine, Calif.-based provider of digital mortgage point-of-sale (POS) software provider, closed a $50m Series C funding round.
The round was led by Riverwood Capital with participation from Upfront Ventures. In conjunction with the funding, Riverwood executives Scott Ransenberg and Jay Schneider will join Cloudvirga’s board of directors.
The company, which had previously raised over $27m, including a nearly $20m Series B led by Blackstone Group portfolio company Incenter and a $7.5m Series A led by Upfront Ventures, Tribeca Angels and Dallas Capital, intends to use the funds to continue to expand operations and its development efforts.
Led by CEO Michael Schreck, Cloudvirga provides digital mortgage point-of-sale (POS) software, which combines a borrower experience with an automated lender workflow that cuts overall loan costs, increases transparency and reduces the time to close a loan.
Its customer base includes eight of the top 40 non-bank mortgage originators.