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Polly, a provider of innovative SaaS solutions for the mortgage industry, 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.
According to a press release, the 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 pricing engine and loan trading exchange enables mortgage lenders to dynamically price and sell loans in an automated and customizable workflow, according to the release. 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."
"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."
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.