Sacra estimates Notarize hit $80M in revenue in 2023, growing 33% year-over-year. The company experienced explosive growth during the COVID-19 pandemic, with revenue surging 600% between March 2020 and early 2021, leading to a $130M Series D funding round at a $760M valuation.

Notarize generates revenue primarily through its B2B enterprise partnerships with real estate companies, financial institutions, and legal services firms that require secure remote notarization capabilities. The company's platform enables businesses to integrate digital notarization services directly into their workflows, creating recurring revenue streams through enterprise subscriptions and per-transaction fees.

The real estate sector represents a significant portion of Notarize's revenue, as mortgage closings and property transactions require extensive notarization services. The company has established partnerships with major title companies and lenders, who utilize the platform to streamline closing processes and reduce operational costs.

Notarize's business model benefits from high margins due to its digital-first approach and automated workflows. The company's growth trajectory suggests continued expansion in the digital notarization market, particularly as businesses increasingly embrace remote and digital solutions for traditionally in-person services.

Notarize was founded in 2015 by Pat Kinsel to digitize the traditional notarization process that had remained largely unchanged for centuries.

Notarize found product-market fit as a remote online notarization platform for real estate and mortgage companies, who needed a way to complete property transactions without in-person meetings. This became especially crucial during the COVID-19 pandemic when traditional notarization methods were severely disrupted.

The platform connects users with licensed notaries through secure video calls, enabling legal document notarization entirely online. When a user needs to notarize a document, they upload it to the platform, verify their identity through multiple authentication methods, and connect with a notary via live video. The notary reviews the documentation, witnesses the signing, and applies their electronic notary seal.

Beyond individual document notarization, Notarize offers an enterprise platform that allows businesses to manage high volumes of notarizations. This includes features like automated workflow management, team collaboration tools, and API integration capabilities.

The company has expanded its services to include broader digital transaction management, including electronic signature capabilities and identity verification services. These tools work together to enable fully remote document execution for various industries, including real estate, financial services, and legal services.

Notarize is a digital platform that enables remote online notarization of documents through a network of licensed notaries available 24/7. The company operates a two-sided marketplace, connecting individuals and businesses needing notary services with certified notaries who can legally notarize documents through video calls and digital signatures.

The company generates revenue through a transaction-based model, charging $10 per notarization plus $3 for each additional seal. For real estate closings, which represent a significant portion of their business, they charge a premium rate of $25 per notarization. Notaries on the platform set their own rates and keep the difference between their price and Notarize's fees, creating an incentive for quality notaries to join and remain active on the platform.

Notarize's competitive advantage stems from its first-mover position in digital notarization and its focus on compliance and security. The platform has built deep integrations with major real estate, financial services, and legal platforms, creating high switching costs for enterprise customers. Their business model benefits from network effects - as more notaries join the platform, service availability improves, attracting more customers, which in turn draws more notaries. The company has particularly strong positioning in real estate closings, where traditional notarization has been a major friction point.

Notarize operates in a market that includes traditional notary services, remote online notarization (RON) platforms, and broader digital transaction management solutions.

In-person notary services remain the dominant form of document authentication, primarily through banks, shipping stores (UPS, FedEx), and independent mobile notaries. These services typically charge $10-25 per document but require physical presence and paper documentation. National networks like National Notary Association connect traditional notaries but don't offer digital solutions.

Direct RON competitors include DocVerify and NotaryCam, which both enable remote document notarization through video calls and digital signatures. SIGNiX offers a similar platform but focuses more heavily on regulated industries like healthcare and financial services. These platforms generally charge $25-40 per notarization and require state-specific notary credentials.

Broader platforms like DocuSign and Adobe Sign have integrated basic notarization capabilities into their existing e-signature and document workflow products. DocuSign Notary launched in 2020 to compete directly in the RON space, leveraging their extensive enterprise customer base. OneNotary and Notarize.com offer API-first approaches that allow businesses to embed notarization capabilities directly into their applications and workflows.

The market is shifting toward integrated solutions as real estate, financial services, and healthcare companies seek to digitize their entire documentation processes. State-by-state regulation continues to shape competition, with some platforms focusing on specific regions where RON laws are more favorable.

Notarize has tailwinds from the digitization of legal processes and remote work adoption, with opportunities to expand into adjacent markets like digital identity verification, enterprise document management, and real estate transaction automation.

The core notarization business positions Notarize perfectly to expand into broader digital identity verification services. As businesses and governments increasingly require secure ways to verify identities remotely, Notarize's existing infrastructure and trust network could be leveraged to offer enterprise-grade identity verification solutions. This market is projected to reach $70B by 2027.

Notarize can expand beyond simple notarization into end-to-end document management for enterprises. Their existing relationships with financial services, insurance, and real estate companies create natural expansion opportunities into areas like automated compliance verification, digital document routing, and signature workflow management. The digital signature and transaction management market alone is worth over $25B annually.

The real estate sector represents a massive opportunity for vertical expansion. Notarize could evolve from handling discrete notarization events to managing the entire real estate closing process digitally. By integrating with title companies, mortgage lenders, and real estate platforms, they could build a comprehensive digital closing solution. Their 600% revenue growth during the pandemic demonstrates strong product-market fit in real estate, where the total transaction value exceeds $1.5T annually in the US alone. The company's platform could eventually facilitate everything from initial offer documentation to final closing, creating a seamless digital experience for all parties involved.

Regulatory environment shifts: The remote notarization industry operates under a patchwork of state-by-state regulations. Changes in state laws or federal intervention could force significant operational changes or limit market access. Some states might reverse their acceptance of remote notarization post-pandemic, potentially shrinking Notarize's addressable market.

Commoditization of core service: As remote notarization becomes more mainstream, larger established players in adjacent spaces (like DocuSign or Adobe) could enter the market. These companies have existing relationships with enterprise customers and could bundle notarization services with their current offerings at lower prices. This would pressure Notarize's margins and reduce their competitive advantage.

Authentication reliability concerns: A single high-profile case of identity fraud or document tampering could damage trust in remote notarization broadly. Given Notarize's position as a category leader, they would likely face disproportionate reputation damage. This could lead to increased regulatory scrutiny and enterprise customers becoming more hesitant to adopt the technology.