Resolute Diligence Solutions will help enhance Setpoint’s technology platform, with a particular focus on single-family rentals and home transition loan due diligence.
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Financial services firm Setpoint, which describes itself as a stripe in the real estate sector, announced Monday that it will acquire due diligence provider Resolute Diligence Solutions.
Setpoint described the acquisition as “bringing together two of the fastest growing high-tech companies in the asset-backed lending ecosystem,” and the statement went on to say that Resolute Diligence Solutions will “secure their respective assets. It is described as a “leading” provider of screening services that guarantees “loans to be made”. Deeds, titles or leases are verified and accurately reported. ”
Setpoint added in a statement that it believes the acquisition will strengthen its platform and “revolutionize fintech lending.”
The companies have not disclosed financial details of the transaction.
Setpoint returned from stealth mode for the first time last year. The company is the latest venture from serial entrepreneur Ben Rubenstein, who previously founded lead review firm Opcity and was the Chief Revenue Officer of Realtor.com. Rubenstein is the president and co-founder of Setpoint.
Setpoint works with proptech companies to enable smooth real estate transactions. Specifically, this means that the company offers a software platform that handles document collection and verification, automates parts of the closing process, and more. Setpoint has previously compared itself to Stripe, a startup focused on the real estate industry that facilitates payments for online retailers.
In addition, Setpoint funds capital-intensive companies such as Power Buyers.
Late last year, Setpoint announced it had raised $43 million in a funding round that included participation from Andreessen Horowitz, Fifth Wall and 645 Ventures.
Brent Taggart and Richard Rundbeck founded Resolute Diligence Solutions in 2019. The company is particularly focused on single-family rentals and home transition loan due diligence.
In a statement Monday, Setpoint co-founder and chief investment officer Michael Lamb expressed excitement over his company’s acquisition of Resolute Diligence Solutions.
“Resolute is very complementary to the Setpoint platform, and together it is a best-in-class solution for capital markets borrowers and lenders,” Lam said. A simple example of 1+1 = 4. ”
Correction: Michael Lam is Setpoint’s Chief Investment Officer. The post originally misidentified him as the Chief Information Officer.
Email Jim Dalrymple II