Boston – Stavvy, a Boston-based fintech platform, announced an over $40 million Series A funding round.
The investment will be used to expand the company’s hiring initiative to accelerate growth in paperless and digital solutions for banking and lending, which has seen demand and interest especially in loan servicing.
The round was led by Morningside Technology Ventures, a private equity and venture capital investment firm based in Cambridge and Hong Kong. At over $40 million, it is the largest Series A in New England FinTech, LegalTech and PropTech history. Part of this funding will be used to hire several key new team members, including Shane Hartzler, former director for eMortgage strategy and operations at Fannie Mae, who recently joined Stavvy as chief strategy officer.
Stavvy also announces its alliance with Flagstar Bank, the sixth-largest bank mortgage originator in the country, to provide remote loan modification services.