Roostify gets major investment from USAA.

PositionNEWS ROOM

San Francisco-based Roostify, an automated mortgage transaction technology company, closed a Series A round of funding led by a subsidiary of San Antonio, Texas-based USAA. Other investors included two Tier 1 commercial banks and Colchis Capital Management LLC San Francisco. USAA is a large national financial institution that provides banking services to members of the military and their families.

The Bay Area-based mortgage technology firm was founded by three technologists who, based on their own home-buying and refinancing experiences, believed the mortgage process needed a more efficient way to complete transactions.

Roostify's solution allows all parties to a transaction to have access to a secure dashboard where there is 100 percent transparency to the lending process.

The company was launched in early 2014 and has partnered with Washington, D.C.-based Fannie Mae; Redwood City, California-based Yodlee Inc.; and others to process thousands of loan applications over its platform, according to the...

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