Polly Secures $25 Million to Drive Innovation and Growth
Polly Secures Additional Capital for Robust Growth
Polly, a pioneering force in the mortgage capital markets technology sector, recently announced a successful funding round of $25 million in growth equity capital. This funding, primarily led by 8VC and supported by existing investors such as Menlo Ventures, Meritech, Khosla Ventures, and Fifth Wall, is set to propel the company's rapid expansion and innovation efforts.
Transformative Impact on the Industry
Since its inception in 2019, Polly has fundamentally changed the landscape of mortgage technology by implementing a cloud-native solution tailored to meet the evolving needs of the industry. The platform’s unique flexibility and capability to rapidly adapt has resulted in significant performance enhancements. Over the past year, Polly has achieved an astonishing increase in lock volume by over 150% and has significantly expanded its partner network, welcoming more nationally recognized banks, credit unions, and mortgage lenders to its platform.
Capital to Support Growth and Innovation
The additional capital will enable Polly to not only bolster its existing product offerings but also invest heavily in research and development. The aim is to advance their product and pricing engine (PPE) further and innovate their generative AI capabilities. Investors recognize the value of Polly’s innovative approach; as Alex Kolicich from 8VC noted, the team at Polly has developed a next-generation pricing engine that is reshaping mortgage capital markets.
The Vision for the Future
Polly's commitment to its customers and continuous improvement is evident in its plans for scaling operations in response to strong growth. CEO Adam Carmel articulated a clear vision: all initiatives are designed to maximize value and return on investment for partner clients. The new capital will enhance Polly's AI platform and its implementation and service capabilities while ensuring the team can support elevated customer demand through substantial internal growth.
Engagement and Industry Presence
Looking ahead, Polly is set to participate in the upcoming 2024 MBA Annual Convention and Expo. This event will provide an excellent opportunity to showcase how Polly is transforming the mortgage industry and highlight the innovations that drive their technological advancements. Attendees are encouraged to connect with the Polly team and explore how their unique solutions can benefit their business.
About Polly
Polly stands out in the crowded field of mortgage solutions, known for its comprehensive approach that combines a modern, data-driven capital markets ecosystem with advanced products. Their extensive offerings—like the Product and Pricing Engine, Loan Trading Exchange, and actionable data analytics—play a pivotal role in optimizing operations for banks, credit unions, and lenders. With a foundational goal of enhancing technological capabilities within the industry, Polly is headquartered in San Francisco, California. To follow their journey, be sure to keep an eye out for updates and innovations that promise continued disruption in the mortgage space.
Frequently Asked Questions
What is the purpose of the $25 million funding?
The funding aims to accelerate growth, enhance product innovation, and scale operations at Polly.
How has Polly impacted the mortgage industry?
Polly has introduced cloud-native technology that has significantly automated and optimized mortgage capital markets processes.
What are Polly's key products?
Key products include the Product and Pricing Engine (PPE), Loan Trading Exchange, and advanced AI/ML capabilities for analytics.
What expansion plans does Polly have following this funding?
Polly plans to expand its internal teams by at least 25% and invest heavily in new product development and customer service.
Where can I learn more about Polly's innovations?
More information about Polly and their innovations can be found on their official website.
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