Closinglock, a proptech and fintech startup focused on modernising the real estate transaction process, has closed a $4 million seed round led by LiveOak Venture Partners with participation from RWT Horizons and GTMfund.
The funds will be used to expand its teams across sales, customer success, and product development.
Wire fraud is one of the largest problems in real estate today and is estimated to cost the industry over $1 billion per year in lost funds. With Closinglock’s secure portal technology and workflow platform, title and escrow professionals no longer need to share sensitive information via email where the bulk of fraud occurs in real estate transactions.
Closinglock’s first product, a secure portal, was introduced in 2018 to protect title companies and attorney offices from the growing problem of real estate wire fraud. Since then, Closinglock has expanded its product offerings to include secure wire instructions, document sharing, eSignature, and loan payoff verifications all in a single platform. Today, Closinglock serves some of the largest title companies, home builders, and real estate attorneys in the country, representing more than $100 billion in transaction value to date across all 50 states and 42 countries.
