Polly, he said, is able to help configure loans on a multi-dimensional basis. Over time, we want to be able to transition into a system of record for the customers themselves.” “We want to help these lenders move away from spreadsheets and telephony and email as a transaction medium, and instead do everything in the cloud. “The goal is that ultimately, they are able to deliver a lower mortgage price to their consumers or to their customers while increasing their own profitability,” Carmel said. To that end, he added, Polly is laser focused on doing just that so that its customers “can configure individual loans as dynamically as they would like.” “My view is that over time consumers are going to expect not only a digital experience but also a mortgage product, loan and associated pricing that are customized and tailored for specific purposes.” “I viewed it as a sizable opportunity to build a vertically integrated software platform that would automate workflows for a mortgage company,” Carmel told TechCrunch. For example, o ne company in the space, Optimal Blue, was purchased by Black Knight for $1.8 billion in 2020 to boost its data and analytics capabilitiesĬarmel believes Polly stands out from others in the industry in that it is helping create a fourth category in the mortgage sector - capital markets. The company’s software is “uniquely configured to automate customer workflows and improve execution - from rate lock to loan sale and delivery,” Carmel said.Ĭarmel previously founded Ethos Lending (which sold to Fenway Summers in 2014) and it was that experience that helped him conclude there were serious gaps in the market for automating workflows for lenders. Polly’s mission is to fundamentally change the way lenders and loan buyers operate by giving them the ability to make data-driven decisions. He founded the company in 2019 under the premise that 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.” The latest financing brings the San Francisco-based startup’s total funding raised to $50 million.Īdam Carmel, founder and CEO of Polly, says the company has increased its customer count by nearly 3x over the past year, including “several of the country’s top 100 lenders.” New backers Movement Mortgage, First American Financial and FinVC joined existing investors 8VC, Khosla Ventures and Fifth Wall in participating in the round. #DIVVY 110M SERIESANN SERIES#ĭivvy Homes announced a $110 million Series C equity funding round to ensure millions of Americans can access the country’s primary wealth-builder: homeownership.Polly, a SaaS technology startup aiming to “transform” the mortgage capital markets, announced today that it has raised $37 million in a Series B funding round led by Menlo Ventures. Led by Tiger Global Management, with participation from GGV Capital, Moore Specialty Credit, JAWS Ventures, and existing investors, the round brings the total debt and equity capital Divvy Homes has raised to over $500 million.įounded in 2017, Divvy supports future homeowners by purchasing a home on their behalf and renting it back to them while they build equity in the property. By creating this new category, Divvy provides a bridge from renting to owning that allows the average American household to build towards homeownership in a more affordable and flexible manner. Divvy’s mission became even more crucial during COVID-19, when economic volatility caused the housing market to become increasingly challenging to access. “At the start of the pandemic, we made a commitment to help and support as many future homeowners as possible,” said Adena Hefets, co-founder and CEO of Divvy Homes. “During COVID-19, new mortgages became difficult to secure as banks tightened underwriting requirements for approvals. Divvy stepped up in place of traditional financing.” As a result, families were locked out of homeownership opportunities during a global pandemic-a time when they needed safety and shelter most.
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