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Boston-based financial technology firm DepositLink has raised more than $3 million to expand its electronic payments platform for residential real estate transactions.
DepositLink said in a statement today that it had closed a Series Seed financing round that raised $3.5 million from angel investors. The funding will be used for DepositLink’s sales team, to enhance technology, and to boost infrastructure to accelerate marketplace adoption and the company’s development roadmap, the fintech said.
DepositLink provides a mobile payments platform for moving money in the residential real estate business, providing an alternative to paper checks and bank wires. With DepositLink, real estate and title companies can collect earnest money deposits, send and request commission payments, issue refunds and request rental deposits electronically, according to the statement. Payments made on DepositLink’s platform guarantees good funds through the ACH network in less than one business day.
The fintech launched in October 2019 and has customers in all 50 states.
“We set out to build the most secure and robust payments platform for the residential real estate business and the response has been incredible,” Jay Rooney, DepositLink’s CEO and founder, said in the statement. “This capital raise will allow us to increase capacity to manage our growth and continue to develop features that are making real estate companies and title companies more efficient and more profitable.”
Darrell West, DepositLink’s CFO, said the residential real estate market had been “longing for a comprehensive electronic payments solution that fully addresses the needs of brokers, real estate agents and consumers.”
“We set out to raise $3.5 million and were well oversubscribed. Investors recognize that DepositLink’s unique product offering is fueling our extraordinary growth.”
DepositLink clients include Berkshire Hathaway Home Services, Better Homes and Garden Real Estate, Century 21 Real Estate, Compass, Douglas Elliman, ERA, Home Services of America, HomeSmart, Keller Williams, RE/MAX and Sotheby’s International Realty.
