Closinglock provides a secure platform for the real estate industry that enables instant identity verification, wire instruction sharing, and real-time loan payoff verification. This technology mitigates risks associated with wire fraud and seller impersonation, ensuring safe transactions for title companies, law firms, and financial service providers.
Funding
$37.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Real estate transactions are vulnerable to wire fraud and seller impersonation, leading to significant financial losses for all parties involved. Traditional methods of verifying identities and sharing financial information are often insecure and inefficient. Title companies, law firms, and financial service providers need a more robust solution to protect their clients and mitigate risk.
Solution
Closinglock provides a secure, unified platform for real estate professionals to prevent fraud and streamline transactions. The platform offers instant identity verification, secure wire instruction sharing, real-time loan payoff verification, and good funds payment processing. By modernizing the transfer of funds and information, Closinglock reduces the risk of wire fraud and seller impersonation, ensuring safer and more efficient transactions for title agents, attorneys, buyers, and sellers. The system eliminates the need for manual processes and disconnected systems, saving time and improving overall security.
Target Audience
Closinglock primarily serves title companies, law firms, and financial service providers involved in real estate transactions.
Features
- Instant identity verification to protect all parties involved in the transaction.
- Secure portal for sending and receiving wire instructions.
- Real-time verification of loan payoff accounts and routing numbers.
- Good Funds payment processing for earnest money deposits and cash-to-close.
- Two-way secure document sharing and communication.
- Government-compliant e-signature capabilities.
- SOC 2, Type 2 compliance and 256-bit AES encryption for data security.
- Seamless integration with leading Title Production Software.