Polly, a leader in mortgage capital markets technology and the developer of the first cloud-native, scalable product and pricing engine (PPE) for the industry, announced it has raised $25 million in new growth equity funding. The investment was led by 8VC, with participation from existing investors including Menlo Ventures, Meritech, Khosla Ventures, and Fifth Wall. This new capital will accelerate Polly’s rapid growth and drive further investment in research and development (R&D), product innovation, and team expansion.
Continued Momentum and Market Leadership
Polly’s market presence has been growing significantly, with a lock volume increase of over 150% in 2024 alone. The company has also more than doubled its customer base, adding some of the nation’s leading banks, credit unions, and mortgage lenders. Since its founding in 2019, Polly has transformed the mortgage capital markets space by replacing outdated pricing solutions with its agile, cloud-native platform. This technology is designed to adapt quickly to market trends, offering users flexibility, configurability, and depth of functionality that improve margins, automate workflows, and enhance the loan officer experience.
Scaling with New Capital
With the new funding, Polly plans to scale key areas, including its implementation, customer success, and white-glove support services, to keep up with the company’s rapid growth. In addition, the capital will enable Polly to invest heavily in its product and engineering teams to drive further innovation. A key focus will be expanding the Polly™ AI platform and introducing new generative AI capabilities to optimize operations. Polly aims to grow its internal teams by at least 25% in the near future to support ongoing expansion efforts.
Alex Kolicich, Founding Partner at 8VC, praised Polly’s success and the team’s dedication to transforming the mortgage tech landscape. “Polly’s platform is truly next-generation, and their success has exceeded our expectations. The team’s vision and customer-first approach are driving significant disruption in the industry. We are proud to continue supporting Polly’s mission to innovate and lead,” Kolicich commented.
Transforming Mortgage Tech with AI
Polly’s AI-powered platform has become a go-to solution for companies in the mortgage sector, allowing them to respond to market fluctuations without having to constantly adjust staffing levels. The platform’s vertically integrated approach offers significant value by increasing operational efficiency and reducing costs. The continued investment in AI technology and product development will ensure Polly stays ahead of the curve in delivering cutting-edge solutions to its customers.
Adam Carmel, Founder and CEO of Polly, highlighted the importance of continuous innovation in driving customer success. “Everything we do is designed to maximize value and ROI for our partners. This additional funding allows us to push the envelope on product innovation, particularly in AI, and provide world-class service and support to our customers. We’re committed to delivering even more in 2025 and beyond,” Carmel stated.
Looking Ahead to 2025
Polly’s upcoming innovations will be showcased at the 2024 MBA Annual Convention and Expo in Denver, Colorado, from October 27-30. Conference attendees can visit Polly at booth 412 to learn more about the company’s role in transforming the mortgage industry.
With this new round of funding, Polly is well-positioned to continue its impressive growth trajectory and lead the way in revolutionizing mortgage capital markets technology.
