Mobile payments startup DepositLink raises $3.5m to expand its payments platform for residential real estate
DepositLink, the industry player in electronic payments for residential real estate transactions, announced the close of its successful series seed financing. The $3.5 million raised from angel investors will bolster Deposit Link's sales team, enhance technology, and boost infrastructure to accelerate marketplace adoption and the company's development roadmap.
DepositLink is a mobile responsive payments platform that is revolutionizing the way money moves in the residential real estate business. Paper checks have long created inefficiencies in the residential real estate business, and bank wires are risky, expensive, and hard to track. With DepositLink, real estate and title companies can collect earnest money deposits, send and request commission payments, issue refunds, and request rental deposits electronically. Payments made on DepositLink's platform guarantees good funds through the ACH network in less than one business day.
Jay Rooney, CEO & Founder, DepositLink: DepositLink launched into production in October 2019 and now has customers in all 50 states. "We set out to build the most secure and robust payments platform for the residential real estate business and the response has been incredible. This capital raise will allow us to increase capacity to manage our growth and continue to develop features that are making real estate companies and title companies more efficient and more profitable."
Benefits for Real Estate & Title Companies
- Request or send up to $500,000 from anywhere, with any device.
- Real time tracking and reporting of all payments by accounting staff.
- Payments clear in less than one business day.
- Workflows for EMD's, rental payments, and commissions.
- More efficient agents and accounting practices means more revenue.
- Eliminate the liabilities created by paper checks and bank wires.
- No cost to companies or agents.
Benefits for Real Estate Agents
- No more chasing down paper checks.
- Spend more time selling real estate.
- Increase service levels for clients.
Benefits for Consumers
- Make more competitive offers on homes and apartments.
- More secure and efficient than issuing a paper check or sending a bank wire.
- A stress-free real estate experience.
Darrell West, CFO, DepositLink, says that the residential real estate market has been longing for a comprehensive electronic payments solution that fully addresses the needs of brokers, real estate agents, and consumers. "We set out to raise $3.5 million and were well oversubscribed. Investors recognize that DepositLink's unique product offering is fueling our extraordinary growth."
DepositLink was designed by experienced real estate brokers. Clients include Berkshire Hathaway Home Services, Better Homes and Garden Real Estate, Century 21 Real Estate, Compass, Douglas Elliman, ERA, Home Services of America, HomeSmart, Keller Williams, RE/MAX, and Sotheby's International Realty.