Global investment firm Goldman Sachs has provided support for a digital mortgage platform in the form of monetary backing.
Mortgage tech firm Blue Sage Solutions announced Tuesday that it had completed a financing round from Goldman Sachs Growth Equity, which focuses on investments in growth stage and technology-driven companies.
The privately held company said that it would use the funding to “continue investing in growth initiatives, including developing additional features that will further strengthen its digital lending platform.” According to the release, the investment is Blue Sage’s first external financing round since its inception in 2011.
“With Goldman Sachs as an investor, we continue to strengthen our balance sheet while gaining access to Goldman’s incredible resources, industry relationships and expertise in helping companies like ours to accelerate growth and scale to meet the needs of our customers and prospects,” said Carmine Cacciavillani, president and CEO of Blue Sage. “Goldman Sachs also brings a deep understanding of technology and operational expertise to assist in scaling our business. Goldman Sachs’ expertise will contribute to executing our vision.”
Blue Sage saw rapid growth in 2020, with its revenues increasing twofold from the previous year. The company provides independent mortgage bankers, credit unions, and banks with a multi-channel platform that features a combined point-of-sale and loan origination system.
“Lenders are increasingly demanding modern software that is easy to use and which increases productivity. Blue Sage does that and more,” said Ashwin Gupta, managing director of Goldman Sachs Growth Equity. The company is poised for accelerated growth while already having achieved significant profitability.”
“We are very excited about our investment in Blue Sage Solutions. Blue Sage has a demonstrated track record of innovation and success,” said Antoine Munfa, managing director of Goldman Sachs Growth Equity. “We have been extremely impressed by the team’s depth of industry knowledge and the breadth of functionality and scalability of Blue Sage’s digital lending platform.”