SALT LAKE CITY, Utah— mysherpas announced today, it has completed its second round of Simple Agreement for Future Equity (SAFE) Note Funding as of March 31, 2024. Founders of the innovative technology company have a history of success and have operated multinational businesses during their careers. They have launched more than 15 products that have generated over $2 billion in revenue and hold more than 100 patents as named inventors.
The global company intends to improve the efficiency and transparency of the lending market through technology and artificial intelligence. It currently has a presence in more than five countries and officially started to market itself in the United States as of January 2024.
mysherpa’s market focus includes the following:
About Our Platform
mysherpas is a single platform that gathers, consolidates and organizes loan documents while also maximizing visibility for all parties and creating a better borrower experience. Users can finally consolidate emails, attachments, texts, needs lists and application status into a central location that’s visible to everyone. mysherpas also provides a streamlined digital workspace at which borrowers, lending team members and managers can collaborate to seamlessly speed your loans to approval.
All standard forms automatically populate and are digitally fillable, signable and accessible to everyone, eliminating emails and text exchanges. mysherpas makes folder creation, file renaming, email downloads and shared drive uploads a thing of the past. It also seamlessly integrates these actions into an intuitive, user-friendly workspace that every stakeholder can access.
Users can review the entire loan pipeline at a single glance. They can easily identify the documents borrowers have provided and which ones still need to be gathered. mysherpas also updates stakeholders about missing documentation without needing to send a status email or make a phone call.
About mysherpas
A team of real estate, finance, technology and engineering executives founded mysherpas in Salt Lake City, Utah, on April 15, 2021. Based on their own experiences, they set out to create a smart commercial loan process that provides a single source of truth (SSOT), allowing borrowers and lenders to work together transparently and efficiently. Delivering this solution in a connected world helps lenders dramatically increase their capacity, improve deal flow and improve the loan experience for borrowers.
mysherpa’s founders had all experienced the commercial lending process as borrowers and lenders, which they found frustrating due to the process’s inefficiency. They also knew that loan origination and credit analysis create both expenses and value in banking, making this problem highly expensive. The founders also had ideas about streamlining this process and standardizing the integration of software technologies and data sources. They realized that this problem has existed for decades and that solving it could provide substantial cost savings for banks.
Future Developments
It’s shocking that today’s loan approvals remain a largely manual process, given how dependent they are on software. mysherpas is the only company that delivers a turnkey solution to streamline loan processing without requiring software downloads or IT integration. In the future…all lenders will work this way.
