Notarize (company)

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This article is about the online notary company. For a description of notarization services, see Notarize.
Notarize
TypePrivate
IndustryNotary, Software
Founded2015
FoundersPat Kinsel, Adam Pase
HeadquartersBoston, Massachusetts
Key people
Pat Kinsel, CEO
ProductsOnline notarization services, E-signatures
Number of employees
250+
Websitenotarize.com

Notarize is a Boston, Massachusetts-based company that provides remote online notarization, e-signature, and eClosing services.[1] Documents are notarized online, using a remote notary and a video camera.[1]

The company was founded in 2015.[2]

History[]

Notarize was founded in April, 2015 in Boston, MA by Pat Kinsel. Kinsel was inspired to start Notarize when he had difficulty notarizing documents when selling his prior startup to Twitter.[2] Adam Pase joined as co-founder later in 2015 as the service neared its public launch.

In February 2016, the company launched its smartphone app on iTunes enabling anyone to connect with a notary public online and on demand 24x7, integrating live video with computer imaging technology and a software-based forensic analysis for user identification.[3] The service later expanded to serve businesses and developers, enabling them to collect notarized forms online.

By June 2017, the company had reportedly done 10,000 notarizations worldwide.[4] In July, the company completed the United State's first online mortgage closing, with United Wholesale Mortgage, Stewart Title, and Freddie Mac.[1]

In October 2019, the company partnered with online startup Trust & Will to create the United States' first system to execute fully digital online wills and trust documents in Nevada and Indiana.[5]

By March 2020, the company reported that it was expecting to notarize $100 Billion in real estate transactions, up from $10 Billion in 2019.[6] In October, Notarize signed a deal with document management company Adobe to integrate Notarize’s remote online notarization (RON) capability into the Adobe Sign e-signature platform.[7] The company also announced its partnership with Ellie Mae's Encompass[8] and Zillow's Dotloop.[9] The service's usage has been propelled by the COVID-19 pandemic.[10] In November, Notarize's online notary video service was used by Pennsylvania postal worker Richard Hopkins for a sworn affidavit alleging voter fraud, a claim that was later recanted.[11] In December, Fortune reported that the company would make a good acquisition target, due to a 2020 trend of acquisitions of companies that allow contracts to be completed over the cloud using computers.[12]

The company announced a $130M Series D Financing in March 2021. Investors included Alphabet's independent growth fund Capital G, Citi, Wells Fargo, and others.[13] Previous investors in the company include the National Association of Realtors, Realogy, Lennar, and others.[14]

In May 2021, the company announced that Roger Ferguson had joined its board of directors.[15]

In October 2021, Notarize was recognized by Forbes as a Next Billion Dollar Startup.[16]

Services[]

Notarize offers online notary services thorough an app and web site that sets up a secure video chat with a licensed notary public. The app includes computer imaging technology and a software-based forensic analysis to authenticate the user's identity.[3] Customers upload the document they need notarized, allowing the customer and notary to see the document being notarized.[17] Notarize's platform requires consumers to pass an identity verification process in compliance with the notary’s state law.[5]

Operations[]

Notarize is based in Boston, Massachusetts but transitioned to a remote-first company during the COVID-19 pandemic. The company now employees more than 400 people who live in 41 states across the country.[18]

References[]

  1. ^ a b c "Mortgage Closings Just Took a Big Step Into the Digital Age". The Wall Street Journal. 2017-08-09. Retrieved 2020-10-18.
  2. ^ a b "Notarize's Startup Story: A Botched Twitter Stock Transaction and a Broken Leg". www.bizjournals.com. Retrieved 2021-05-18.
  3. ^ a b "Need a Document Notarized? There's an App for That". Entrepreneur. 2016-02-04. Retrieved 2020-11-23.
  4. ^ "Notaries Are Starting To Put Down The Stamp And Pick Up A Webcam". NPR. 2017-06-12. Retrieved 2020-10-18.
  5. ^ a b "A Will Without Ink and Paper". NY Times. 2018-10-19. Retrieved 2020-10-19.
  6. ^ "Coronavirus Forcing Home Buyers to Scramble to Close Deals". Wall Street Journal. 2020-03-21. Retrieved 2020-10-19.
  7. ^ "Notarize inks major deal with tech giant Adobe". Finledger. 2020-10-15. Retrieved 2020-10-19.
  8. ^ "Notarize partners with Ellie Mae to advance digital closings". Inman. Retrieved 2021-05-18.
  9. ^ "Dotloop and Notarize launch awaited integration for users". Inman. Retrieved 2021-05-18.
  10. ^ Grant, Peter (2020-10-27). "Covid-19 Pandemic Boosts Startups Behind Virtual Showings". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-05-18.
  11. ^ "Video shows 'USPS whistleblower' was not alone when swearing to affidavit alleging mail-in ballot fraud". Business Insider. 2020-11-15. Retrieved 2020-11-17.
  12. ^ "5 software acquisitions Salesforce's Slack deal could spur". Fortune. 2020-12-04. Retrieved 2020-12-07.
  13. ^ "Notarize raises $130M, tripling valuation on the back of 600% YoY revenue growth". TechCrunch. Retrieved 2021-05-18.
  14. ^ "Notarize raises $20 million, with help from housing giants Lennar and Realogy". HousingWire. 2018-05-17. Retrieved 2021-05-18.
  15. ^ "Former TIAA CEO joins Notarize board of directors". HousingWire. 2021-05-14. Retrieved 2021-05-18.
  16. ^ Wolpow, Nina. "Next Billion-Dollar Startups: How Notarize Built A $760 Million Business In Online Notaries". Forbes. Retrieved 2021-10-17.
  17. ^ "The Startup That Could Save You From One Very Boring and Time-Consuming Task". Inc. 2016-02-04. Retrieved 2020-10-07.
  18. ^ "For some employees, it's now 'Work From Anywhere' - The Boston Globe". BostonGlobe.com. Retrieved 2021-10-17.

External links[]

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