Proptech start-up FileInvite has announced that it raised an additional $1 million in funding from local and offshore investors, bringing the total raised in 18 months to over $2 million.
The raise was led by investment group Flying Kiwi Angels and included both follow-on and new investment from angel groups across New Zealand and Australia, as well as a newly arrived US venture capitalist.
Read more: Proptech start-up raises $2.3 million from major investor
FileInvite’s platform streamlines how mortgage brokers request, receive and store documents and other identifying information that accompanies a loan application. In a statement, the proptech startup said that it provides a secure alternative to email, minimising the chance of a data breach through human error or more calculated attacks including ‘social engineering’ in which fraudsters hijack an account known to the victim.
“Email is not a safe repository for personal financial documents,” said James Sampson, founder and chief executive officer at FileInvite. “While consumers are becoming more cautious about clicking on suspicious links, few give a second thought to emailing personal information to their financial advisers and mortgage brokers who may retain those documents well after the loan application is completed.”
“Regulators are making data breaches more visible and encouraging consumers to ask harder questions of the organisations who hold their personal information,” said Garth Hinton, chair at FileInvite and director at Flying Kiwi Angels. “FileInvite is becoming a trusted platform to help protect financial services applications among providers in New Zealand and internationally.”