Polly, a provider of SaaS solutions for the mortgage industry, has raised $15 million in Series A funding led by 8VC, with participation from new and existing investors including Menlo Ventures, Conversion Capital, Meritech Capital, Fifth Wall and Base10 Partners. This investment will help Polly to broaden and accelerate product development, recruit top engineering talent and aggressively expand its sales and marketing efforts. 8VC Partner Alex Kolicich and Meritech Capital Partner Max Motschwiller will join Polly’s Board of Directors.
Each year, the mortgage industry spends millions of dollars on largely repeatable and automatable mortgage capital markets tasks. Through Polly’s technology platform, mortgage originators and investors can reduce that cost while accelerating workflows and delivering those savings to borrowers. Polly’s state-of-the-art pricing engine and loan trading exchange enable mortgage lenders to dynamically price and sell loans in an automated and customizable workflow. These solutions take the manual process that has been unchanged in the mortgage industry for 30 years and make it quick, efficient and accurate through AI and smart algorithms.
“The multi-trillion dollar mortgage industry has been running on legacy capital markets technology for decades. Mortgage originators, investors and borrowers are underserved,” said Polly Founder and CEO Adam Carmel. “We’ve built a highly innovative and flexible technology solution that reduces burdens for mortgage originators and automates mortgage loan pricing and sales while unlocking tremendous data-driven insights. We are thrilled that the strong support from 8VC and our other investors will allow us to reach even more lenders and further enhance the mortgage capital markets ecosystem for our customers and partners.”
“This is a technology challenge that mortgage lenders and investors are not well positioned to solve on their own,” said Alex Kolicich, Founding Partner at 8VC. “Polly’s loan pricing and settlement platform is changing the way the entire mortgage capital markets industry operates.”
Polly’s technology platform aims to drive an evolution in how mortgage lenders, banks and credit unions do business and interact with their customers and business partners. The Series A financing comes at a time of major momentum for Polly, which now processes tens of thousands of lock requests and nearly $3 billion in loans every month.
The Place for Lending Visionaries and Thought Leaders. We take you beyond the latest news and trends to help you grow your lending business.