Candor Technology, a US-based startup offering financial services related to loan engineering systems to mortgage lending institutions and corporations, has secured US$ 12.5 million in a Series A investment round led by Arthur Ventures on 18 August 2021.
Investors: Arthur Ventures was the only participant in the latest investment round and featured as the lead investor. Backed by many other investors, the startup has managed to raise, in total, US$ 13.9 million to date.
Purpose of the funding: The startup intends to deploy the proceeds from the investment round towards further development of its loan engineering system to ensure constancy in underwriting.
About Candor Technology
Established in 2020 by Mark Hinshaw and Thomas Showalter, Candor Technology employs its proprietary mortgage decision science tech to examine the trouble, draw actions to solve them and reach an important decision to move and close the loan for lenders. Its tech optimally executes a rational infrastructure composing of nearly 37,741 decision steps. Every decision step also referred to as pivot point, is a well-defined problem. On facing a pivot point, it reacts vigorously and in synchronization with the subject of the issue, always selecting the perfect plan of action and graduating towards an effective solution. The firm equipped to deal with loans for freelance borrowers seeks to formulate automated evaluations in the first quarter of 2022 and automate title insurance activities.
What the Founder has to say: “We work towards performing lower-grade jobs in a manner that an ordinary underwriter cannot undertake since they are human. However, we value and depend on a human underwriter as we require human knowledge and understanding to decipher if a loan is suitable or not and whether passing it forward would be rational or irrational.”- Thomas Showalter, CEO and Co-Founder of Candor Technology.
What the Investors have to say: “Candor Technology has brought an effective solution to solve the complicated problems faced by the mortgage sector by cultivating all the essential knowledge in a machine to act like a human underwriter. This automation has allowed the firm’s customers to make advanced modifications in the economics of mortgage formulation. We have a strong faith in Candor’s top-notch founding team, and it’s exhilarating to support them in their growth journey.”- Patrick Meenan, General Partner at Arthur Ventures.
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