SAN FRANCISCO--(BUSINESS WIRE)--Polly™, the SaaS technology company transforming the mortgage capital markets, today announced it has raised $37 million in Series B funding, bringing Polly’s total funding to over $50 million. The round was led by Menlo Ventures with participation by new investors including Movement Mortgage, First American Financial, and FinVC. Existing investors 8VC, Khosla Ventures and Fifth Wall also participated in the round. Tyler Sosin, Partner at Menlo Ventures, will join Polly’s Board of Directors.
This latest financing round comes at a time of rapid growth for Polly. The company has increased its customer count by nearly 3x over the past year and signed several of the country’s top 100 lenders. With this new round of funding, Polly will accelerate technology innovation, invest in AI and machine learning capabilities, and grow its ecosystem of partners to continue reinventing the mortgage capital markets. The company also plans to expand its product and engineering teams so that its customers can continue to benefit from the best and brightest technical and mortgage capital markets minds.
“We are excited to back Polly on its journey to modernize capital markets infrastructure for the mortgage industry,” said Sosin. “It’s time. Taking on a sector held back by sclerotic incumbents with dated, disconnected and dragging solutions, Polly is driving transformation and winning customers at an impressive rate. Much of the credit goes to CEO Adam Carmel and his team. Adam has unique domain expertise as a former mortgage operator and has a compelling vision for how modern cloud software can improve this industry. I’ve known Adam for a long time and feel he is, perhaps, the only person who can build this business.”
While many industries have undergone digital transformation initiatives, the mortgage industry is still largely reliant on the same expensive and cumbersome processes and tasks that have been in use for decades. Polly is fundamentally changing the way lenders and loan buyers operate by enabling them to make data-driven decisions through modern, best-in-class technology solutions. Polly’s solutions are uniquely configured to automate customer workflows and improve execution – from rate lock to loan sale and delivery. These include:
- Product & Pricing Engine that effortlessly configures rules, dynamically manages margin strategies, and quickly distributes pricing across all channels;
- Loan Trading Exchange that sells loans using automated best ex and commitment optimization;
- Analytics Platform that analyzes loan data from lock to delivery in a single database; and
- Partner Platform that gives customers integration access to industry-leading vendors throughout the mortgage ecosystem.
“Since founding Polly, we’ve been laser focused on providing innovative software solutions to our customers and partners that will enable them to meet the high expectations of today’s consumers while increasing their profitability,” said Adam Carmel, founder and CEO of Polly. “We’ve built a world-class platform that is unlike anything in the market, and this new round of financing will help Polly better meet the needs of our customers, improving their workflows and execution through automation. Our priority has been - and always will be - to constantly innovate for our customers and partners, and obsess over their success.”
Request a demo to see Polly’s data-driven ecosystem in action: www.polly.io/demo
Founded in 2019 by a seasoned team of technology and mortgage experts, Polly is a fast-growing SaaS technology company transforming the mortgage capital markets industry. Polly provides a revolutionary system of record and automation engine that lenders and loan buyers trust to optimize performance from rate lock to loan sale and delivery. Polly increases gain on sale execution, automates workflows and provides actionable data analytics for its customers. Polly is based in San Francisco, California. To learn more, visit www.polly.io.