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Financial services company Setpoint, which bills itself as a kind of Stripe for real estate, announced Monday that it is acquiring due diligence provider Resolute Diligence Solutions.
Setpoint describes the acquisition as bringing “together two of the fastest-growing tech firms in the asset-backed lending ecosystem,” according to a statement that goes on to describe Resolute Diligence Solutions as a “leading” provider of review services that ensure “each deed, title, or lease is verified and reported accurately.”
Setpoint believes the acquisition will help beef up its platform and “revolutionize fintech lending,” the statement adds.
The companies did not publicly disclose financial details of the deal.
Setpoint first came out of stealth mode last year. The company is the latest venture from Ben Rubenstein, a serial entrepreneur who previously founded lead-vetting company Opcity and who served as chief revenue officer of Realtor.com. Rubenstein serves as Setpoint’s president and co-founder.
Setpoint works with proptech companies to enable frictionless real estate deals. That specifically means the company provides a software platform that handles document collection and verification and automates parts of the closing process, among other tasks. Setpoint has in the past compared itself to Stripe, the startup that facilitates payments for online retailers but with a focus on the real estate industry.
Additionally, Setpoint provides funding to capital-intensive companies, such as Power Buyers.
Late last year, Setpoint announced that it raised $43 million in a funding round that included participation from Andreessen Horowitz, Fifth Wall and 645 Ventures.
Brent Taggart and Richard Lundbeck founded Resolute Diligence Solutions in 2019. The company specifically focuses on due diligence for single-family rentals and for residential transition loans.
In Monday’s statement, Setpoint co-founder and chief investment officer Michael Lam expressed excitement about his company acquiring Resolute Diligence Solutions.
“Resolute is highly complementary to the Setpoint platform and,” Lam said, “when combined, is far and away the best in class solution for capital markets borrowers and lenders. A clear example of 1+1 = 4.”
Correction: Michael Lam is Setpoint’s chief investment officer. This post originally misidentified him as the chief information officer.
