Meet Stavvy, The Fintech Reducing Fragmentation In Origination, Servicing And More

Time is money.

That’s according to Kosta Ligris, the CEO and co-founder at Stavvy, a Boston-based fintech connecting lenders with third-party vendors.

“Every time something has to be repeated manually, or there are systems that don’t talk to each other, there’s a tremendous amount of disconnect,” Ligris explained.

In learning more about how Stavvy reduces errors and cost as a middleware to banks and their vendors, read on.

About: After practicing real estate law, as well as building title supplement operations for about the first 20 years of his professional career, Ligris went on a mergers and acquisitions tour where he bought and consolidated title companies, across the country.

“We built a lot of internal technology to make things talk to each other because there continues to be so much fragmentation,” he said.

Later, Ligris went back to school and doubled down on the opportunity to build technology for the financial services industry.

“I founded Stavvy after realizing there are tremendous inefficiencies, and the world was going digital,” he added. “We’re Zoom Identity Solutions and DocuSign merged together.”

Core Product: Stavvy provides secure, digital environments for conferences and transactions, helping institutions like Flagstar Bancorp Inc FBC, the firm’s biggest customer, cut costs and scale digitally.

The process of working with Stavvy often starts with a period of discovery.

“Typically a lender wants to review our workflows … and tech stack to figure out where we would fit with what they’re currently using.”

The bulk of the fintech’s value creation comes from streamlining the loan service, origination and title process, as well as reallocating freed resources to the customer experience.

“If you’re somebody who buys and sells property on a regular basis, you probably would rather do it online, as opposed to having to drive to a title company, make sure the documents are there, and sit around and drink crappy coffee.”

Graphic: Stavvy’s digital platform helps financial service providers offload manual tasks, cut down on friction, and focus more on customers.

Recent Trends: The big trend in finance is that of non-bank lenders investing in technology and innovating, taking market share away from smaller banks, credit unions, and the like, who aren’t building platforms with digital experiences.

“They’re making it easier to be able to have consumers interact with them online,” Ligris added in a conversation on how younger, mobile-first buyers are making up a large portion of demand in the housing market.

“We believe that the closing is the beginning. Once we do the closing digitally, we have a digital artifact. We can then help banks leverage our platform for servicing if the person needs to modify in the future, faster.”

Evolution: With revenues up 1,230% year-over-year, Stavvy is in hypergrowth.

The firm is looking to triple its team across more office spaces and add to its $41.5 million Series A with an equally historic Series B, next year.

“We’ve got former leaders from Fannie Mae and Ginnie Mae that have joined our leadership team, in addition to people that were innovating at Quicken,” and others, Ligris said.

“Partnerships are really important to us, also, so we’re really focused on working with some other fintechs that do other aspects of the transaction, so we can remove more fragmentation.”

“It’s pretty unlikely that in five years we’re going to see transactions happen on paper,” Ligris added.

Image by Mohamed Hassan from Pixabay