One service in particular, remote online notarization, experienced intense demand as the globe began to go virtual one year ago. Without warning, the opportunity to have a document notarized without leaving the house changed from a luxury to a necessity.
Pat Kinsel, the founder and CEO of the Boston-based company Notarize, campaigned to pass the necessary legislation throughout the nation so that more people in more states could have their documents digitally notarized. That effort has been fruitful. After seeing a 600% year-over-year sales growth, Notarize announced $130 million in Series D fundraising led by fintech-focused VC company Canapi Ventures.
Notarize is now worth $760 million, which is the triple value of what it was when it raised its $35 million Series C in March 2020. Notarize has raised $213 million since its launch in 2015.
Several additional investors, including existing backers Camber Creek, Ludlow Ventures, NAR’s Second Century Ventures, and Fifth Wall Ventures, with Alphabet’s independent growth fund CapitalG, Citi Ventures, and Wells Fargo, and True Bridge Capital Partners, took part in the round.
According to Notarize, “we’re not just a notary corporation.” Neil Underwood, a partner at Canapi Ventures, defined it as the “final mile” of businesses (such as iBuyers, for example). The company methods “also deliver confidence and identity verification” to those businesses.
Notarize has experienced a sharp rise in business over the past year and has formed new alliances with organizations like Adobe, Dropbox, Stripe, and Zillow Group, among others. The real estate, financial services, retail, and automotive industries have all experienced significant demand increases. Fast Title Loans’ chief executive officer, Maria Saenz commented that Notarize intends to expand its platform, product, and operations to service all businesses. Additionally, it will enhance staffing next year. You can know more about the loan process by clicking here.
“The globe hurriedly digitized in 2020. Businesses in practically every industry had to convert to digital immediately to keep up with the growth of online commerce. “Notarize was there to assist them in closing these deals safely, conveniently, and with trust.”
To “service organizations of all sizes,” the company intends to use its new funding to scale up its platform, product, and operations. Additionally, it will increase recruiting in the upcoming year.
Especially in the financial services industry, where more businesses will need to provide safe digital alternatives to in-person transactions, Notarize is upsetting outmoded business models and technologies, according to Canapi’s Underwood.
Notarize’s accomplishment follows a challenging 2019, when the business experienced “major finance” failure and had to fire off employees, according to Kinsel. Talk about a successful turnaround.