Mortgage capital markets technology firm Polly has raised $25 million to invest in research and development, product innovation and expansion, the company said on Tuesday.
8VC led the latest equity investment with participation from existing investors Menlo Ventures, Meritech, Khosla Ventures and Fifth Wall.
Polly has increased its locked loan volume by more than 150% this calendar year alone. And it has more than doubled its customer partner base to include some of the country’s biggest banks, credit unions and mortgage lenders, according to the firm.
“This additional capital will enable our team to continue to pioneer unrivaled product innovation for our customer partners, invest significantly more into our AI platform and capabilities and deliver world-class implementation and service,” Adam Carmel, founder and CEO of Polly, said in a statement.
Polly also expects to expand its internal teams by at least 25%. The firm has 164 employees, according to PitchBook data.
Founded in 2019 by technology and mortgage professionals, Polly is a San Francisco-based provider of mortgage capital markets technology for banks, credit unions and mortgage lenders nationwide. The fintech has raised more than $75 million in three rounds of funding since its inception.
In March, Polly rolled out its Lender Intelligence platform that leverages data and analytics to drive margin expansion and cost reduction. The new platform is designed to allow lenders to track their volume trends, see how their loan pricing compares to competitors, and gain insights into loan origination profit margins.
In May, Polly announced the integration of artificial intelligence (AI) into its pricing engine. Earlier in the year, the firm also partnered with HousingWire to launch the Mortgage Rates Center, which includes real-time mortgage rate data that is updated hourly during regular market hours.
“2024 has been a monumental year of disciplined growth for Polly … We attribute this to the strength of our next-generation PPE offering and AI Platform, alongside adjacent products and Polly’s unyielding dedication to long-term customer success,” Carmel said in an e-mailed statement.
