Banking

Stavvy raises $40m in record Series A funding for New England

Boston-based fintech firm, Stavvy, has raised $40 million in a Series A funding round, which it plans to use to expand an “aggressive hiring initiative”.

Kosta Ligris and Josh Feinblum, co-founders of Stavvy

The round was led by Morningside Technology Ventures, a private equity and venture capital investment firm based in Cambridge and Hong Kong.

Stavvy says it designs platforms to “manage security risk, eliminate fragmentation, and increase speed, efficiency, and transparency in lending and banking”.

It says the round is the largest Series A in New England’s history for a fintech firm.

Part of the new funding will be used to hire several key new team members. This includes recent chief strategy office hire, Shane Hartzler, former director for e-mortgage strategy and operations at Fannie Mae.

Alongside the funding, Stavvy has signed an “alliance” with Flagstar Bank, the sixth-largest bank mortgage originator in the US, to provide remote loan modification services.

Ken Creech, CIO of Servicing for Flagstar, says Stavvy has helped Flagstar “efficiently and securely assist homeowners seeking relief with their mortgage payments”.

Stavvy co-founder, Kosta Ligris, says the funding bolsters the firm’s ability to expand its operations and grow its team with top talent.

He adds: “Our alliance with Flagstar is a major step toward bringing real estate lending and servicing into the 21st century and has enabled us to assist consumers on a national scale.

“This is only the beginning of a very exciting journey to transform banking and lending.”

Related: Glenhawk plans lending boost with cloud-based Finastra system


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