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A Kiwi file-sharing startup that has cut the time it takes to collect mortgage documents by 65% ​​has just raised NZ$10 million

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New Zealand startup FileInvite has raised $10 million in Series A to end the use of email for requesting and collecting documents online.

The round was led by Icehouse Ventures, with US VC Forefront Venture Partners and Singapore-based Vulpes Ventures as new investors, alongside existing shareholders, including Flying Kiwi Angels.

Founder and CEO James Sampson said the company has created a new angle to securely and easily share documents against the backdrop of global data privacy issues.

“Around the world, we see regulators and industries realizing how bad email is for document sharing,” he said.

“FileInvite is closing the gap and transforming the way more than 15 million people from Queenstown to Barcelona access and share information.”

The startup gained global interest in the Series A, but mostly stayed local for the cap table.

“We were in a privileged position to choose, and were excited to have this led by Icehouse Ventures, as well as follow-on capital from our local ecosystem,” said Sampson.

The company has doubled its workforce in New Zealand to more than 50 employees in the past year and also opened its new headquarters in Auckland this month, after also setting up its first US office in Denver in the midst of the pandemic.

FileInvite generates 97% of its revenue outside of New Zealand and currently extends one in three loans in Australia. The startup partners with national financial institutions such as Kiwibank and New Zealand Home Loans, and the autonomous document sending and requesting service saves time collecting application files, signatures and online forms.

Sampson said that as a result, FileInvite has reduced turnaround times for loan documentation from 42 to 15 days.

“In many cases, consumer attitudes and regulations have moved much faster than business. Whether it’s mortgage brokers, financial advisors or universities, FileInvite has provided an easy solution for greater compliance and a much better customer experience,” he said.

“With the team and product we have, we are confident we can replace email as the global standard for information retrieval.”

Robbie Paul, CEO of Icehouse Ventures, said the company has an impressive vision and track record.

“FileInvite is a standout in New Zealand for the capital efficiency of their growth,” he said.

“A key contributor to this has been James’ vision to build a simple product that serves a specific, albeit massive, target market.”

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