Kiwi start up FileInvite raises $2.3 million to target US financial services sustomers
New Zealand startup FileInvite has raised an additional $2.3 million for a total of $4.5 million in its latest capital raise.
FileInvite is a document and data collection engine that looks to improve customer experience and employee productivity.
Investors see a growing market for solutions that help businesses to digitise and automate processes to adapt to a changing landscape. FileInvite has doubled its revenue in the past 10 months, increased staff more than 300%, and evolved the solution to serve more than 300,000 users in 26 countries.
The over-subscribed capital raise was led by Flying Kiwi Angels, and supported by investor groups including Icehouse Ventures, Enterprise Angels, and NZGCP among others.
"Interest in secure document transfer was growing strongly even prior to COVID-19 as stricter privacy laws in Australia and Europe drove brokers to improve their operational processes dealing with personal data," says James Sampson, CEO and founder, FileInvite.
"More recently, the pandemic has accelerated consumers adopting online transactions rather than visiting bank or mortgage brokers in person, and this is happening as economic stimulus packages in the US such as CARES Act are increasing the volume of loan transactions," he says.
FileInvite's cloud-based platform allows consumers and professionals such as loan officers or mortgage brokers to remotely share, track and audit the collection of personal documents, without compromising security or complicating the process by using email.
The new funds will be used to accelerate sales and marketing in the US, where financial services organisations are accelerating adoption of digital solutions to improve customer experience and operational excellence. In July FileInvite signed its first US reseller, Arizona-headquartered sales software and consultancy firm Performance Insights which counts Wells Fargo and Bank of America as clients.
The US push builds on customer momentum closer to home. Since adding Loan Market and Aussie Home Loans in Australia to FileInvites customer list, as many as one in three brokered loans in Australasia now goes through FileInvite each month.
"We know from talking to our top brokers that this tool can save them anywhere up to two hours per application, so if you think about that, we've given well over 60,000 hours a year back to our brokers to be out there providing more service to more Australians," says Rainer Rhedey, chief digital officer, AussieHome Loans.
Founded in 2015, FileInvite now has 22 staff in its Auckland office and other remote locations throughout New Zealand. The company was a finalist in 2020 in both the NZ Hi Tech Awards 2020 and the Westpac Business Awards for Excellence in International Trade.