SAN FRANCISCO--(BUSINESS WIRE)--Polly, the leading provider of innovative mortgage capital markets technology and operator of the industry's first cloud-native, commercially scalable product and pricing engine (PPE), today announced $25M in new growth equity capital. Led by 8VC with participation from other existing investors—including Menlo Ventures, Meritech, Khosla Ventures, and Fifth Wall—this capital investment will further accelerate Polly's rapid growth and enable an even deeper investment in R&D, product innovation, and expansion. The investment comes on the heels of Polly's continued momentum and market leadership. This calendar year alone, Polly increased lock volume by well over 150% and has more than doubled its customer partner base to include many more of the country's top and most notable banks, credit unions, and mortgage lenders.
Since the company's inception in 2019, Polly has represented a significant paradigm shift from the monolithic pricing solutions that once dominated the industry. Purpose-built in the cloud and for the cloud, Polly's agile platform responds swiftly to emerging trends and market fluctuations. The platform's unlimited flexibility, configurability, and functional depth—combined with an unrivaled pace of innovation—continues to deliver strong value and ROI by increasing margins, automating workflows, and driving a superior loan officer experience. As a result of strong growth, Polly invested significant resources into scaling its implementation, customer success, and white-glove support programs. 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, including further evolution of the Polly/™ AI platform and new generative AI capabilities. The company expects to scale internal teams by at least 25% in short order to support continued growth.
"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. "Polly's success has far exceeded our expectations, and that is due in large part to their teams' vision, ambition, and strong execution. Nowhere else will you find a team more committed to pushing the boundaries of mortgage tech innovation and to disrupting the status quo. But more importantly, this is a team that truly cares about its customers and will always put them first. We are proud to continue to help fuel Polly's success, and we're excited for what the future holds."
Polly's growth underscores industry demand for an agile, vertically integrated capital markets platform that enables its users to effectively meet the demands of an industry prone to unpredictable ebbs and flows, without the need to constantly monitor and adjust staffing levels based on market conditions.
"Everything we do is designed purposely to drive maximum value, ROI, and success for our customer partners," explained Adam Carmel, Founder and CEO of Polly. "Pivotal to that objective is Polly continuing to lead the industry in terms of innovation and state-of-the-art technology. 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. We deeply value partnership with our customers, and this is our way of doubling down on our commitment to them. To that end, we have a lot in store for 2025."
Polly will attend the 2024 MBA Annual Convention and Expo in Denver, CO, October 27-30. To learn more about how Polly continues to pioneer mortgage industry transformation, #MBAAnnual24 attendees are encouraged to schedule a meeting with the Polly team or visit Polly in booth 412.
About Polly
Polly has revolutionized the mortgage industry with its modern, data-driven capital markets ecosystem. Banks, credit unions, and mortgage lenders nationwide trust Polly's Product and Pricing Engine (PPE), Loan Trading Exchange, actionable data and analytics, and advanced AI/ML to automate and optimize the entire capital markets value chain, helping their secondary teams operate faster, smarter, and more profitably. Polly was founded in 2019 by a seasoned team of technology and mortgage experts and is headquartered in San Francisco, California. To learn more, follow Polly on LinkedIn or visit www.polly.io.
