Polly, recognized as a leader in mortgage capital markets technology, has announced a new round of funding amounting to $25 million. This investment, primarily led by 8VC with participation from existing backers such as Menlo Ventures, Meritech, Khosla Ventures, and Fifth Wall, is set to further elevate Polly’s growth trajectory and deepen its commitment to research and development, as well as product innovation.
The funding marks a significant moment for Polly, which has seen substantial success this year. According to the company, it has experienced an increase in lock volume by over 150% and has doubled its customer partner base to now include numerous high-profile banks, credit unions, and mortgage lenders.
"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," said Alex Kolicich, Founding Partner at 8VC. He continued to commend Polly's journey, stating, "Polly’s success has far exceeded our expectations, and that is due in large part to their teams’ vision, ambition, and strong execution."
Since its inception in 2019, Polly has driven a paradigm shift in the industry, moving away from traditional pricing solutions towards a more agile, cloud-native platform. This innovative design allows Polly to respond swiftly to market changes. The platform's flexibility and functionality have attracted many customers, significantly increasing their return on investment.
Adam Carmel, the CEO of Polly, emphasized the company's mission saying, "Everything we do is designed purposely to drive maximum value, ROI, and success for our customer partners." This philosophy has been critical as the fintech landscape continues to evolve.
The new funding will enable Polly to accelerate several key functions, including customer success and implementation, areas where the company has already invested considerable resources. Notably, Polly also plans to enhance its product offerings, particularly the Polly™ AI platform, and integrate additional generative AI capabilities.
Reflecting on the firm's growth and strategy, Carmel mentioned, "The additional capital will continue to scale these important functions, and also enable Polly’s product and engineering teams to double down on new product innovation." He also indicated that the company anticipates expanding its internal teams by at least 25% in the near future to support its growth initiatives.
As the mortgage industry faces unpredictable market conditions, it becomes increasingly vital for firms like Polly to provide scalable solutions that mitigate the need for constant staffing adjustments. Polly’s approach appears to align well with the demands of this dynamic environment, fostering a more stable and efficient operational model for its clients.
The funding news is a promising indicator of the direction Polly is headed, solidifying its status as a key player within the fintech realm and the mortgage sector specifically. With this additional capital, the stage is set for Polly to further enhance its innovative offerings while maintaining its commitment to customer-centric solutions.
As the company moves forward, it is well-positioned to continue influencing the future of mortgage capital markets and setting new standards for technology in this vital industry sector.