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Closinglock Aims to Revolutionize the Transfer of Funds and Information in Real Estate 

By Victoria Udrea | March 4, 2024

Closinglock, a provider of fraud prevention technology and fintech solutions for the real estate sector, announced with great pride the successful completion of its $12 million Series A funding round at the start of February 2024. This investment, led by Headline and supported by LiveOak Ventures, RWT Horizons, and GTMfund, advances Closinglock's mission to "revolutionize" the information and funds transmission in the real estate industry.

The financing round served as a critical juncture for Closinglock, confirming the viability of its groundbreaking methodology and resilient infrastructure, which are designed to fortify the real estate sector against fraudulent operations and financial hazards.

In an interview with Techcrunch, Andy White, founder and CEO of Closinglock, declared that he plans to invest the newly acquired funds in technology, product development, and recruiting.

We are looking at the fintech side of it, especially when it comes to actually moving the money for real estate transactions so we are not cutting a bunch of checks, dealing with ACH transactions or wire transfers that go to the wrong spot.

The service is a needed resource for real estate professionals in all industry niches, as fraud targets one out of every ten real estate transactions in the United States and FBI data indicates that in 2022, over $446 million was allegedly perpetrated by over 2,200 individuals claiming to be victims of real estate wire fraud.

Closinglock Products and Services

Closinglock provides fraud protection solutions to the real estate market, modernizing transactions with a secure, user-friendly platform. It enables settlement firms to exchange wire instructions, accept earnest money and cash-to-close payments, confirm payout accounts, verify identities, share documents, and collect eSignatures. The platform, trusted by over 400 title companies and law firms and supported by prominent financial service providers such as J.P. Morgan, has secured hundreds of thousands of transactions worth more than $250 billion.

  • Identity Confirmation: Secure all participants by implementing prompt and precise identity verification.
  • Protected Payments: Accept cash-to-close and earnest money deposits as Good Funds.​
  • Wire Directives: Utilizing a secure portal, deliver and receive wire instructions.
  • Payment Confirmation: Real-time verification of loan repayment accounts and routing numbers.
  • eSignatures: Request and receive electronic signatures that comply with government standards.
  • Document Exchange: Secure two-way communication and sharing of documents.

Closinglock integrates with RamQuest, Resware, and SoftPro to provide all the services that help real estate professionals save time, increase business efficiency, and boost productivity.

To date, Closinglock has safeguarded more than $200 billion for clients in all fifty states.

Victoria Udrea, a talented author who specializes in real estate and technology, is a valued contributor to Realty Biz News. With her keen eye for detail and passion for keeping readers informed, she diligently covers the latest developments in the industry, focusing particularly on the exciting realms of AI and smart home technology.
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