Polly, a fintech company that offers a product and pricing engine for mortgage lenders, has completed a $37 million Series B funding round. Menlo Ventures led the round, which also included Movement Mortgage and First American Financial. FinVC, which previously invested in Ocrolus and FairPlay, also participated.
Last March, Polly completed a second Series A round of $15 million, which included Menlo Ventures. That raise was announced several weeks after the firm rebranded from PollyEx.
An initial Series A round of $5 million was announced in April 2019.
Polly’s other products include a loan trading exchange, data analytics for mortgage lenders and a “partners platform” that links lenders to vendors.
“We are excited to back Polly on its journey to modernize capital markets infrastructure for the mortgage industry,” Tyler Sosin, a partner at Menlo Ventures, said in a press release. “Taking on a sector held back by sclerotic incumbents with dated, disconnected and dragging solutions, Polly is driving transformation and winning customers at an impressive rate.” Sosin is joining Polly’s board with this latest investment.
Other current Polly investors in the Series B round were 8VC, Khosla Ventures and Fifth Wall.
First American Financial has made 12 private equity investments, according to Crunchbase. Its recent activity includes funding Endpoint Closing, Landed, iBuyer Orchard and cash-offer financer Ribbon.
Polly’s founder and CEO Adam Carmel was also the founder of Ethos Lending.
“This new round of financing will help Polly better meet the needs of our customers, improving their workflows and execution through automation,” Carmel said.
The new funding will be used to accelerate technology innovation, including investing in artificial intelligence and machine learning capabilities. The company also plans to expand its product and engineering teams.
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