BOCA RATON, Fla., April 22, 2019 /PRNewswire/ -- BlockGen Corp, a newly formed holding company for LendGenuity and Block+Sovrin, is pleased to announce the completion of its first round of venture capital financing of Series A Preferred Stock. Cavatina Capital LLC led the transaction alongside Charterhouse Strategic Partners.
LendGenuity is a technology software provider to the US mortgage industry. LendGenuity's newly released SAAS platform provides lenders a fully integrated end-to-end solution, sharing one data base across all origination components: A consumer portal (POS) empowering borrowers with unparalleled control of the origination process, a loan origination system (LOS) based on sequential and dynamic task management to efficiently coordinate processing and closing functions and a fully customizable rules based product, pricing and decision engine (PPE) making credit risk management, interest rate risk management and best execution a frictionless process. LendGenuity's all-digital SAAS platform stands out in the marketplace by operating across all mortgage origination channels and lending products including NQM with all three technology components developed with the same code-DNA.
"The release of the LendGenuity POS+LOS+Eng software comes at a very unique time in the evolution of mortgage technology. Not only does the LendGenuity platform offer lenders best in class, cloud-based technology, it is affordable and easy to configure. The opportunity to bring this technology to market with the right financial resources, leadership team and shared vision is extremely exciting," said Nelson Haws, Founder and President of LendGenuity.
Block+Sovrin is soon to unveil the mortgage industry's first Mortgage Blockchain creating a truly virtual mortgage using a GSE compliant data structure comprising one version of the truth, shared across all parties on the network through an all-digital technology platform with no single point of failure or lender claiming ownership of the blockchain's contents. Block+Sovrin's Mortgage Blockchain is a decentralized and revolutionary approach to mortgage origination, reconfiguring a decades old process by putting the borrower in control of their data and eliminating many of the cost layers that burden the industry. Block+Sovrin's Mortgage Blockchain employs a unique combination of private key cryptography, database synchronization and encryption algorithms to form a trust system which begins with and ends with borrower control over data transmission, retrieval and direction. The company's patented technology platform is pending consent from the US Patent Office. Creating personal financial sovereignty through the blockchain is Block+Sovrin.
"The blockchain is the most innovative and disruptive technology we have seen since the Internet. Our unique application of it to the mortgage process will profoundly impact the industry's supply chain and substantially lower the cost to borrowers," said Bill Roy Founder and President of Block+Sovrin. "Soon borrowers will be able to securely initiate loan transactions over the blockchain with pre-existing and pre-certified data, choose lenders from a marketplace and close their loans all from the palm of their hand."
"LendGenuity represents an exciting opportunity to invest alongside an innovative management team who has developed a unique SAAS platform to address an extremely large market. It also provides us the opportunity to work alongside Bill Roy again after having worked with Bill on an earlier fintech investment and other blockchain investment opportunities. We look forward to working with Bill and Nelson as they continue to grow the business and develop an expanded suite of services for the mortgage industry and other lending categories," said Thomas C. Dircks, Managing Director of Charterhouse Strategic Partners. Mr. Dircks will become a member of BlockGen's Board of Directors.
About Charterhouse Strategic Partners
Charterhouse Strategic Partners invests in North American based growth companies. The principals of Charterhouse Strategic Partners, while at Charterhouse, invested over $2 billion of institutional equity capital over the past 30 years and bring decades of board room experience to their portfolio companies having served as Chairman, former CEOs and Directors of various public and private companies. The firm invests its own capital into businesses it believes are able to create long-term value in growth markets.
About Cavatina CapitalLLC
Cavatina Capital is a strategic investment fund focused on blockchain technology. At the forefront of Cavatina's investment opportunities is the Mortgage Blockchain, an initiative the fund got involved with in late 2017. The Mortgage Blockchain initiative is nearing its first full year of code design and is set to launch in the summer of 2019. The US mortgage industry is on the cusp of great technological change. The convergence of recent mortgage technology innovation, a newly standardized mortgage data set and blockchain technology will profoundly impact the industry for many years to come. Cavatina plans to capitalize on other lending channels that spawn from the Mortgage Blockchain using the same architecture and decentralized approach to financial data.
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SOURCE BlockGen Corp