Monetary Companies Agency 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 know-how platform.
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Monetary companies firm Setpoint, which payments itself as a form 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 companies within the asset-backed lending ecosystem,” in accordance with a press release that goes on to explain Resolute Diligence Options as a “main” supplier of evaluation 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 yr. 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 elements of the closing course of, amongst different duties. Setpoint has prior to now in contrast itself to Stripe, the startup that facilitates funds for on-line retailers however with a give attention to the true property trade.
Moreover, Setpoint offers funding to capital-intensive firms, resembling Energy Consumers.
Late final yr, 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 extremely complementary to the Setpoint platform and,” Lam stated, “when mixed, is way and away the perfect 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 put up initially misidentified him because the chief info officer.
E-mail Jim Dalrymple II