Coviance
Overview
Coviance is a fintech company specializing in lending automation, particularly for home equity and HELOC loans. Established in 2015 and headquartered in West Des Moines, Iowa, Coviance was founded by Omar Jordan. The company has successfully raised USD 13.3 million in funding through various rounds, attracting investment from notable institutions including Strata Credit Union and Tucson Federal Credit Union. Coviance’s mission is to optimize the lending experience by providing community banks and credit unions with advanced technological solutions that simplify and expedite loan origination processes.
Recent Developments
- November 2024: Coviance announced the addition of Doug Glagola, an industry veteran, to its Board of Directors. Glagola, with extensive experience in financial technology services, aims to enhance Coviance’s growth strategies.
- October 2024: Coviance was recognized on Inc.'s PowerPartner 2023 list and HousingWire Tech100 2024, marking its prowess in B2B home equity automation technology.
- March 2024: The company completed its latest funding round on April 25, 2024, raising USD 2 million. This funding is set to facilitate further integration and expansion of its platform capabilities.
- March 2024: Coviance expanded its partnership with MeridianLink, a leading software solutions provider, to enhance integration for real estate and mortgage lending.
- February 2024: The company introduced a novel integration with ICE Mortgage Technology, allowing for seamless automation of home equity loans via the Encompass Connector.
- January 2024: Coviance reflected on significant achievements in the previous year, including a 99% customer satisfaction score and over $8.3 billion loan volume processed.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | January 2, 2015 |
| Headquarters | West Des Moines, Iowa, United States |
| Founders | Omar Jordan |
| Revenue | Data not publicly available |
| Profits | Data not publicly available |
| Key Investors | Strata Credit Union, Tucson Federal Credit Union |
| Industry | Financial Technology (FinTech) |
| Number of Employees | Approximately 51-200 |
Early History
Coviance was launched from the rebranding of LenderClose in 2015 with an initial focus on leveraging technology to transform the lending process for community-based financial institutions. Omar Jordan, with extensive experience in the lending industry, spearheaded the company to provide a seamless and efficient home equity lending experience. Coviance quickly distinguished itself by integrating innovative technologies that automated loan operations, enhancing compliance and borrower engagement. Its early success involved strategic partnerships and entering the digital lending market, proving instrumental to its scale and reputation.
Company Profile and Achievements
Coviance operates by offering a tailored cloud-based lending platform, Home Equity Express (HEx), aimed at automating the cumbersome process of home equity lending. This platform encompasses configurable workflows and intelligent, data-driven decision-making capabilities. Key achievements include:
- The Inc. 5000 List recognition for fastest-growing private companies in the U.S. for consecutive years.
- Partnerships with major technology platforms like MeridianLink, enhancing their lending cycle capabilities.
- A customer satisfaction score of 99%, demonstrating its product's effectiveness and customer-centric focus.
- Vast expansion within fintech circles, boosting productivity metrics from customers by over 36% using Coviance solutions.
Current Operations and Market Position
Currently, Coviance holds a leadership position in fintech, especially in home equity lending solutions. It serves a wide clientele of over 400 credit unions and community banks across the United States. Its competitive edge lies in its ability to integrate advanced technology seamlessly into existing systems, reducing loan processing times significantly to just a few days. The market's response to its solutions confirms its robustness and relevance in an industry traditionally marked by lengthy processes.
Conclusion
Coviance stands as a pivotal player in the fintech domain, particularly in transforming home equity lending. Its innovative use of technology to streamline and automate lending procedures positions it favorably for continued growth and influence. Looking forward, Coviance’s focus on leveraging data-driven solutions to expand further and enhance its offerings suggests a promising trajectory of growth and industry leadership.