Announcing Brace’s $15.7M Series B Financing Round
Summary
Brace, a digital mortgage-servicing platform, today announced that it raised an additional $15.7M in Series B funding led by Canvas Ventures. “An enormous amount of value is locked inside legacy core systems, and in this past year the COVID-19 crisis has been a catalyst for speeding up innovation in servicing,” said Eric Rachmel, CEO of Brace. The current environment, in which more borrowers are experiencing financial hardships, has caused servicers to rethink existing workaround solutions and offline processes to solve these tough problems. We are proud to partner with a team that is steadfast with their laser focus approach to disruption through best-in-class software.” Brace continues to be a leader in the unbundling of the servicing technology stack. Its loss mitigation solution includes key features such as a self-serve borrower platform with workflow and decisioning that allows servicers to pick and choose which tools they would like to deploy, doing away with the pain of ripping out and replacing large legacy systems.