New funding will allow Polly’s product and engineering teams “to double down on new product innovation,” including a new AI platform that was in closed beta testing with a number of the nation’s largest mortgage lenders in May.
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Mortgage capital markets technology provider Polly says it’s in hiring mode after landing $25 million in new equity capital that the company plans to invest in research and development, product innovation and growth.
Founded in 2019 by Ethos Lending veteran Adam Carmel, Polly has built a data-driven capital markets ecosystem that streamlines processes and automates workflows for mortgage lenders and investors. The company operates what it claims is the mortgage industry’s first cloud-native, commercially scalable product and pricing engine (PPE).
The latest funding round, announced Tuesday, was led by 8VC with participation from existing investors including Menlo Ventures, Meritech, Khosla Ventures, and Fifth Wall. Menlo Ventures led Polly’s $37 million Series B funding round in 2022.
Alex Kolicich
“8VC recognized early on that Adam and his team had developed a superior and next-generation pricing engine, a platform that was going to truly transform the mortgage capital markets space,” 8VC founding partner Alex Kolicich said in a statement. “Polly’s success has far exceeded our expectations, and that is due in large part to their teams’ vision, ambition, and strong execution.”
Polly’s product and pricing engine, which distributes mortgage pricing across channels, and its loan trading exchange automate many of the steps required to sell and distribute loans. Polly also offers an analytics platform that provides insights powered by market and internal data and a partner platform that facilitates integrations with preferred partners.
In announcing the appointment of Ellie Mae and Accela veteran Troy Coggiola as chief operating officer in January, Polly said 2023 was a record year for the company for industry adoption and product innovation.
Since then, Polly has announced integrations of its product and pricing engine with CoreLogic’s Digital Mortgage Platform; nCino’s Mortgage Suite point of sale (POS) solution; Byte Software, a multi-channel loan origination software (LOS) provider; and All Western Mortgage, a Nevada-based mortgage bank licensed in 28 states.
The new funding will allow Polly’s product and engineering teams “to double down on new product innovation,” including a new AI platform that was in closed beta testing with a number of the nation’s largest mortgage lenders in May.
Adam Carmel
“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,” Carmel said in a statement. “We deeply value partnership with our customers, and this is our way of doubling down on our commitment to them.”
Polly said Tuesday that it expects to grow internal teams by at least 25 percent to support continued growth. The company is advertising a number of openings in technology and sales on Lever, including senior software engineers and account managers.
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