DepositLink, provider of electronic payments for residential real estate transactions, has closed a seed round of $3.5 million raised from angel investors to bolster its sales team, enhance technology and boost infrastructure to accelerate marketplace adoption and the company’s development roadmap.
DepositLink is a mobile responsive payments platform that allows real estate and title companies to collect earnest money deposits, send and request commission payments, issue refunds and request rental deposits electronically. Payments of up to $500,000 can be requested or sent from anywhere and any device. Payments made on DepositLink’s platform guarantees funds through the ACH network in less than one business day. DepositLink launched into production in October 2019 and has customers in all 50 states.
“We set out to build the most secure and robust payments platform for the residential real estate business and the response has been incredible,” said Jay Rooney, CEO and founder of DepositLink. “This capital raise will allow us to increase capacity to manage our growth and continue to develop features that are making real estate companies and title companies more efficient and more profitable.”
The residential real estate market has been longing for a comprehensive electronic payments solution that fully addresses the needs of brokers, real estate agents, and consumers, said Darrell West, CFO of DepositLink. Clients include Berkshire Hathaway Home Services, Better Homes and Garden Real Estate, Century 21 Real Estate, Compass, Douglas Elliman, ERA, Home Services of America, HomeSmart, Keller Williams, Re/Max and Sotheby’s International Realty.
