Capital One Ventures backs e-signature platform

Capital One Ventures is helping fund further adoption of the Lightico digital signature and document platform that Capital One Auto Finance adopted about a year ago. Lightico’s platform allows companies to digitally process e-signatures, payments, identification and verification. Capital One this week joined venture capital firms Oxx and Harmony Partners in a $13 million investment led by London-based Oxx, a business-to-business software investment company. Israel-based Lightico has seen a significant increase in demand for its platform amid the pandemic, especially in the auto finance space, the startup’s spokesman, Eytan Morgenstern, told Auto Finance News . “We see a speed-up of traditional auto finance providers and bigger players becoming more digital,” he said. Westlake Financial also uses the Lightico platform for immediate filing and signing of loan extensions, modifications and payment authorizations via phone, which has led to a 91% Automated Clearing House (ACH) form conversion rate and an average turnaround time of 30 minutes on extensions during the pandemic, said Brian Renfro, senior vice president of collections for Westlake. Globally, businesses have shifted priorities and accelerated their digital plans by an average of seven to 10 years due to pandemic-spurred closures, moving away from in-person interaction with consumers, according to an October study by McKinsey & Company . The shift to digital is expected to continue as businesses look to benefit from purchased technology and the shift to remote work, according to the study. Lightico will use the new funding — added to a pool now totaling $27 million — to focus on product development, expand its research and development team, and grow the platform’s presence in current industries as well as newer ones like health care and telecommunications, Morgenstern said. “Across the board, we see digital becoming a big player,” Morgenstern noted. “It’s exciting for us to be part of that and help companies continue business from afar.” Capital One Venture’s investment is in line with the bank's focus on digital products and services, which Chief Executive Richard Fairbank said are “driving growth in direct-to-consumer originations and growth with dealers who want to provide a low touch car buying experience in response to social distancing,” on the third-quarter earnings call last month. “COVID-19 has heightened the need for digitization in financial services and Lightico has helped us meet these challenges by providing an agile and seamless platform to quickly digitize servicing workflows,” said Adam Boutin, partner at Capital One Ventures. Shares of Capital One Financial Corp. [NYSE: COF] were trading down 2.32% at $84.67 as of market close. Capital One has a market capitalization of $38.7 billion.

Capital One Ventures backs e-signature platform

Inventory woes ease as supply builds

US initial jobless claims decline by the most in five weeks

Related Posts

With White Clarke Group acquisition, IDS doubles down on digital lending

CDK Global acquires digital auto sales platform Roadster

Ford boosts electric-vehicle spending to $30B by 2025

US initial jobless claims decline by the most in five weeks

INNOVATION & TECHNOLOGY

With White Clarke Group acquisition, IDS doubles down on digital lending

CDK Global acquires digital auto sales platform Roadster

CORONAVIRUS

Repo volume remains at half of pre-pandemic levels

Retail sales, factory data show growing pains for US recovery

SPONSORED

Examining effective specialty recovery processes in auto finance

Closing the gaps in the digital lending experience requires a new way of coaching agents

Self-insurance, blanket coverage or CPI: Which is better for your auto loan portfolio?

About

Contact Us

Follow Us

Capital One Ventures backs e-signature platform

Already subscribed? Click below.

Inventory woes ease as supply builds

US initial jobless claims decline by the most in five weeks

Related Posts

By subscribing you agree to our Terms of Use and Privacy Policy

CORONAVIRUS

About

Contact Us

Follow Us