Financial Services Firm Setpoint Acquires Due Diligence Startup
Resolute Diligence Options particularly focuses on due diligence for single-family leases and for residential transition loans and can assist Setpoint beef up its expertise platform.
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Monetary companies firm Setpoint, which payments itself as a type of Stripe for actual property, introduced Monday that it’s buying due diligence supplier Resolute Diligence Options.
Setpoint describes the acquisition as bringing “collectively two of the fastest-growing tech corporations within the asset-backed lending ecosystem,” in response to a press release that goes on to explain Resolute Diligence Options as a “main” supplier of overview companies that guarantee “every deed, title, or lease is verified and reported precisely.”
Setpoint believes the acquisition will assist beef up its platform and “revolutionize fintech lending,” the assertion provides.
The businesses didn’t publicly disclose monetary particulars of the deal.
Setpoint first got here out of stealth mode final 12 months. The corporate is the most recent enterprise from Ben Rubenstein, a serial entrepreneur who beforehand based lead-vetting firm Opcity and who served as chief income officer of Realtor.com. Rubenstein serves as Setpoint’s president and co-founder.
Setpoint works with proptech firms to allow frictionless actual property offers. That particularly means the corporate offers a software program platform that handles doc assortment and verification and automates components of the closing course of, amongst different duties. Setpoint has previously in contrast itself to Stripe, the startup that facilitates funds for on-line retailers however with a deal with the true property trade.
Moreover, Setpoint offers funding to capital-intensive firms, similar to Energy Patrons.
Late final 12 months, Setpoint introduced that it raised $43 million in a funding spherical that included participation from Andreessen Horowitz, Fifth Wall and 645 Ventures.
Brent Taggart and Richard Lundbeck based Resolute Diligence Options in 2019. The corporate particularly focuses on due diligence for single-family leases and for residential transition loans.
In Monday’s assertion, Setpoint co-founder and chief funding officer Michael Lam expressed pleasure about his firm buying Resolute Diligence Options.
“Resolute is very complementary to the Setpoint platform and,” Lam mentioned, “when mixed, is much and away the most effective at school answer for capital markets debtors and lenders. A transparent instance of 1+1 = 4.”
Correction: Michael Lam is Setpoint’s chief funding officer. This publish initially misidentified him because the chief data officer.
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