The investment will be used to continue accelerating growth, driving customer success and fueling product innovation for the digital mortgage software provider.
BeSmartee, leading software provider and founder of modern digital mortgage platforms for financial institutions, announced that it has secured a strategic growth investment from M33 Growth, a Boston-based venture and growth stage investment firm.
M33’s investment in BeSmartee comes as the company’s products and technology, which enable financial institutions to reach higher volumes and scale their mortgage businesses, are being recognized by industry groups and a growing number of customers. BeSmartee recorded significant customer milestones, including achieving a 100% customer retention rate, reaching an industry best 91% conversion rate and expanding the customer base by 50% in 2020.
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BeSmartee has built a powerful mortgage point-of-sale (POS) platform that goes deeper and faster into the origination process, delivering an end-to-end digital mortgage experience that is easy, fast and transparent for consumers and lenders. The company has attracted megabanks, credit unions and top non-bank lenders motivated to implement digital mortgage platforms by the potential to close more l**** in less time and win customers for life.
As further proof of its industry leadership, BeSmartee has been recognized by HousingWire as a Tech100 Mortgage Winner. Presented by HousingWire, a news publication covering the U.S. housing and mortgage markets, the award recognizes companies pushing the boundaries in the mortgage industry. Additionally, BeSmartee was also recognized for innovation by the American Business Awards with a Stevie Award for a Digital Process Automation Solution.
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“2020 was a pivotal year for the mortgage industry and it has shown how critical a high-quality digital mortgage solution is to drive higher volumes for and ROI to our customers,” said Tim Nguyen, CEO of BeSmartee. “Both the industry recognition as well as the investment from M33 Growth solidifies our belief that BeSmartee is well positioned to grow while continuing to innovate and provide a great customer experience. We believe that M33’s investment and knowledge will help us to bring our product to more customers and continue to build out our capabilities. We are thrilled to be working alongside seasoned advisors at M33 and look forward to accelerating growth in this chapter of the business.”
BeSmartee was founded by mortgage industry veterans, Tim Nguyen and Veronica Nguyen, at the onset of the housing crisis. As one of the original mortgage point-of-sale (POS) platforms, the founders recognized that the mortgage process could be improved by utilizing source-data and automation to streamline the consumer experience, and increase data integrity for lenders.
“We are excited to partner with Tim and Veronica not only because of their experience in the mortgage industry, but also because of the continued drive they possess to identify opportunities and enhance the digital mortgage experience for their customers,” said Brian Shortsleeve, Co-Founder and Managing Director of M33 Growth. “The BeSmartee team recognizes the competitive nature of the mortgage process and the need for an efficient and high-quality mortgage POS solution. We see meaningful opportunity in continuing to build out BeSmartee’s platform and offer differentiating technology for lenders and consumers across the market.”
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