BOSTON--(BUSINESS WIRE)--Notarize, the pioneer and market leader in Remote Online Notarization (RON), today announced $130 million in Series D funding led by fintech-focused VC firm Canapi Ventures. Alphabet’s independent growth fund CapitalG, Citi Ventures, Wells Fargo, True Bridge Partners and existing investors Camber Creek, Ludlow Ventures, NAR’s Second Century Ventures, and Fifth Wall Ventures also participated in the round. Canapi Ventures Partner Neil Underwood will join Notarize’s Board of Directors. Notarize, which has raised $213 million in total funding to-date, will use the capital to expand operations to meet the skyrocketing demand for the company's digital notarization and identity verification technology.
The COVID-19 pandemic greatly accelerated the need for businesses and consumers to securely digitize transactions that used to happen in person. Yet many of life’s most important transactions, like buying a home, cannot be completed without trust and, importantly, identity verification.
Through its role in giving consumers and businesses options to complete these transactions online, Notarize has increased YoY revenue by 600% since March 2020. Amid a massive increase in transactions, Notarize has also inked new partnerships with companies including Adobe, TIAA, Dropbox, Redfin, Zillow Group, First American Financial, Transamerica, Stripe, and JD Power & Associates.
“In 2020, the world rushed to digitize. Online commerce ballooned, and businesses in almost every industry needed to transition to digital basically overnight so they could continue uninterrupted. Notarize was there to help them safely close these deals with trust and convenience,” said Pat Kinsel, founder and CEO of Notarize. “We’re now working with market leaders across countless industries and have proven that our platform transforms how companies operate in the digital age. With the support of our investors, we look forward to helping more people and businesses bridge digital divides to keep lives moving forward in a post-pandemic world.”
Notarize will use the new financing to innovate and expand the platform and product, broaden business across key industries, and scale to serve enterprises of all sizes, including many of the Fortune 500. Notarize also plans to double down on hiring in the next year.
In the 12 months since the company’s $35 million Series C raise in March of 2020, Notarize has:
- Experienced explosive volume growth across all sectors it serves, including 800+% in real estate, 300+% growth in financial services, 200+% growth in automotive, and nearly 300% growth with retail and consumer customers.
- Increased headcount by over 100%, with a focus on engineering and customer-facing roles. Notarize became a remote-first company with employees in 23 states.
- Made key leadership hires, including their first Executive Vice President of Public Affairs to continue to raise awareness about the need for RON legislation at state and federal levels, Vice President of Enterprise Strategy, and President and Chief Commercial Officer to accelerate growth.
“Notarize isn’t just a notary company — it’s the last mile of multi-billion-dollar business models that promise seamless, personalized online ‘checkout’ experiences, and it’s the market-leading solution with the trust at scale required to meet the needs of numerous industries,” said Neil Underwood, Partner at Canapi Ventures. “What’s more, Notarize is disrupting outdated business models and technologies, and there’s massive potential, particularly in the financial services space, as more companies will need to offer secure digital alternatives to in-person transactions. I am thrilled to join the board of directors of this transformational company as they enter their next growth phase.”
“Over the past year, the market for remote online notarizations has grown explosively as businesses across sectors have grasped the critical need for end-to-end digital processes," said Jesse Wedler, Partner at CapitalG. "While Covid was an initial catalyst for adoption, we are seeing an acceleration of demand driven by process efficiency gains and compliance improvements made possible by remote online notarization. Notarize is the only enterprise-grade solution in this space that meets rigorous regulatory and compliance requirements, and it does so while also delivering delightful user experiences. We’re excited to be working alongside Pat and his dedicated team as they rewire how industries work in tomorrow’s economy.”
“Over 1.25 billion notarizations take place every year, across nearly every sector of the American economy. There is clear opportunity to improve the experience through digitization,” explains Charles Howe, Director of Venture Investing, Citi Ventures. “Notarize is redefining client expectations by delivering a seamless experience that will be the future of all trusted transactions. Citi Ventures is thrilled to join other market leaders in supporting Notarize’s path to continued growth.”
“Many companies like Wells Fargo rely upon millions of notarizations each year to complete a multitude of critical transactions. Remote online notarization increases trust and security, streamlines internal operations, reduces the environmental impact of paper-based operations, and provides a fundamentally better experience for customers,” said Osei Van Horne, managing director of Wells Fargo Principal Technology Investments. “Notarize created the category and remains a key player in the industry, and we’re thrilled to join the Series D which further accelerates their growth.”
To learn more about Notarize’s platform, or how to join as a notary, visit www.notarize.com.
Notarize is the first platform to enable thousands of people each day to sign and notarize documents online. From adopting a child to buying a home, Notarize builds trusted products and services that support and bring trust to life's most important moments. For more information, visit notarize.com.