Bee Raises $2.5 Million In Investments Following Successful Trial Run

Sarah Wolak

Jun 09, 2022

The first mortgage app of its kind announced a successful beta trial with contactless loan applications in under 10 minutes.

KEY TAKEAWAYS

Bee Mortgage App passed a successful beta run, garnering $2.5 million in investments.
The app uses AI, blockchain, machine learning and data automation that is able to process approximately 70% - 80% of origination data without any loan officer.

Bee, the first Web3 mortgage app for homebuyers, announced $2.5 million in investor interest after a successful beta test on June 9.

The beta test demonstrated the app's ability to process legitimate loan applications within nine minutes without involvement from a loan officer.

The app, which uses AI technology and machine learning, secured investor interest through Stonks, a platform backed by Andreessen Horowitz, that allows start-ups to showcase their products for investors during test trial periods.

"Getting this type of backing is a testament to Web3's ability to support a new mobile mortgage experience by simplifying and expediting the loan origination process," Curtis Wood, co-founder and CEO of Bee, said. "We look forward to offering mortgages where today's buyers like to do business, on their phones."

The company plans to use funds to finish product development with e-closing capabilities and hire mortgage staff. The company plans to launch its mobile mortgage app in the fourth quarter to Florida buyers.

Mortgage Applications

Loan Originations

Bee Mortgage App

Link copied

Published

Jun 09, 2022

People On The Move

MBA Appoints Rachel Kelley Legislative Affairs VP

Kelley's focus will be on Republican members in the House.

The Mortgage Bankers Association appointed Rachel Kelley as its vice president of legislative affairs, with a focus on advocating MBA's legislative and policy priorities on Capitol Hill, particularly among Republican members of the U.S. House of Representatives. Kelley bring...

Analysis and Data

Mortgage Applications Inch Up 0.3%

Despite a 50 basis point decline in rates over past six weeks, purchase activity remained approximately 20% lower than the previous year.

Mortgage applications saw a marginal uptick of 0.3% for the week ending Nov. 24, 2023, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The results, however, have been adjusted to account for the Thanksgiving holiday. The ...