Stavvy

/ Uncategorized / By

Founders: Kosta Ligris & Josh Feinblum
Founding: 2018
Mission: Help mortgage professionals work smarter by eliminating paper from the mortgage process
Employees: 160 & 70% Local
Workplace: Hybrid
Stage & Capital Raised: Series A & $53M raised
Investors: Morningside Technology Ventures, Alumni Ventures, Castor Ventures
Key Customers: Flagstar Bank, Guaranteed Rate, ICE Mortgage Technology
Glassdoor Rating: 5.0
Valuation (estimated): $150M – $400M (assuming they sold ~20% of the company in the Q2 ‘21 $40M Series A fundraise)
^ this is a useless number. There is no tangible valuation until the business is sold or goes public. Don’t forget it!

Stavvy is “software for transactions”. The team has built a digital mortgage platform that helps real estate and mortgage professionals remove paper from the mortgage process. Have you ever bought a home? At the very least you’ve signed a lease. If you haven’t signed a lease and you’re reading this from your parents basement that’s alright too. But figure it out, ok? Anyway the insight I’m trying to relay is that there is a LOT of paperwork involved.

The Stavvy B2B SaaS platform makes it easy for lenders to collaborate between all the partners and documents needed to get deals done – title and settlement, notary services, loan servicing, etc. Their tools help boost productivity, communication, and deliver a great customer experience too.

After two decades of working in the title and settlement industry, Founder Kosta Ligris understood the vertical deeply. And he was fed up with all the paperwork. Stavvy was created to deliver a more seamless mortgage experience around a vision for a technology product that put collaboration and communication as pillars for faster, more efficient transactions. In May of 2021 Savvy raised a $40M+ Series A, at the time the largest Series A for a FinTech company ever in the New England area. 

They’ve added some major executive depth, been selected to HousingWire’s 2021 Tech 100 list, and grew their employee base by over 400% in 2020. Today, they’re a team of 150+ with a mix of technologists, cybersecurity experts, consumers, eNotarization guides, regulatory specialists, and former government-sponsored enterprise (GSE) staff members who understand their customers’ pain points.

Stavvy has solutions for loan origination, loan servicing, business & legal services, and title & settlement. They’re also expanding into a variety of services that demand document management, remote notarization (RON), and collaboration – estate planning, healthcare directives, promissory notes, and numerous other financial & legal agreements. Their platform helps facilitate video calls, eSign & notarization, and secure file access too.

Operators to Know:

My investigative powers continue to need work so apologies to the Stavvy team I know I missed many up & coming operators internally

Key Roles To Be Hired:

If I were interviewing here are some questions I’d ask:

  • What are the key strategic initiatives for 2023? Are they continuing to focus on mortgage & lending use cases or expansion into new product cases?
  • How has the rise in interest rates, if any, affected the business? Is this a durable vertical SaaS business or are there market dynamics at play?
  • How has the culture & team changed as the company has grown? 400% team growth through covid is major!
  • Will the team expand internationally? Or is the core focus on the U.S.? Will notary, document & lending products scale internationally or is this a domestic use case today

We’re optimizing for readability here so to learn more about Stavvy you’ll have to D.Y.O.R. I’m excited to watch this team bring more transactions & document collaboration online and save some trees in the process. All future homeowners, renters & document lovers beyond applaud your efforts. See you around town!

Subscribe
Subscribe