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Law360 (May 24, 2021, 4:58 PM EDT ) Fintech business Stavvy said Monday it closed a $40 million financing to help it continue growing its team as it digitizes aspects of the loan servicing process and more in a funding round led by Goodwin Procter LLP and Mintz Levin Cohn Ferris Glovsky and Popeo PC.
Founded in 2019, the Boston-based startup said proceeds from the round will be used to expand its team, including with the hire of former Fannie Mae Director for eMortgage Strategy and Operations Shane Hartzler, who joins as chief strategy officer.
"This funding round bolsters our ability to expand our operations and grow our team with top talent who share in our passion and mission to transform how banking and financial transactions are conducted," Stavvy co-founder Kosta Ligris said in a statement.
Before co-founding Stavvy, Ligris was a real estate attorney and told Law360 in an interview he switched paths after coming to see that "the future is digital."
"I wanted to sort of have a hand in the innovation coming into the banking and title and settlements space," he said.
Ligris said the pandemic brought on the digitalization of things such as notary services many years ahead of when they were previously imagined to arrive.
"What the pandemic has done is move us from moving faster to moving fast," he said.
The company said interest in digital banking and lending products grew during the pandemic as people faced the possibility of losing their homes.
"For us, specifically Stavvy, the pandemic certainly was an accelerant towards innovation and growth," Ligris said.
"We even knew that the way legal services will have to be delivered in real estate transactions was going to change drastically," he said.
Stavvy is represented by a Goodwin Procter LLP team including Bill Schnoor, Kristin Gerber, Jason Goldfarb, Khalid Elwanni, Kim Prior and Mike Kendall, and a Mintz Levin Cohn Ferris Glovsky and Popeo PC team including Dinesh Melwani and Alexander Civetta.
--Editing by Alex Hubbard.
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