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Closinglock has secured a Series B round of funding in the amount of $34 million, Inman has learned.

In a Jan. 30 media statement, the mobile-first fraud prevention software company states it has “protected over one million transactions worth over $500 billion and prevented $1.2 billion in losses to fraud so far.”

Sageview Capital led the round and Headline and RWT Horizons supported it. Money will be applied to general company and product growth.

Deployed by title companies, the company’s software is used to secure monies exchanged in real estate transactions.

Despite the large amounts of money required to buy and facilitate a home sale, moving funds from various banks and ensuring deposits are collected is often a morass of disjointed email requests from multiple parties. It’s not challenging for scammers to insert themselves into the often vague digital stream of communication that accompanies today’s home sale.

While many brokerages, banks and title companies offer very secure solutions, many still do not. The loss of funds due to fraud remains a major industry issue, to the tune of close to $3 billion in 2023, according to the FBI’s Internet Crime Report.

Closinglock states it has prevented 8,250 cases of fraud.

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