Digital mortgage servicing platform Valon raised $100 million in a Series C funding round, it announced Wednesday.
The round was led by WestCap, a New York-based investment firm, with new participation from venture capital firm Andreessen Horowitz, according to the fintech.
Since its founding in 2019, the subservicing company has raised a total of $230 million, including nearly $100 million from
The injection of additional cash will be used to “further accelerate Valon’s product development and market expansion, positioning Valon as the go-to software platform for an industry poised for transformation,” the company said in a press release.
In five years Valon has climbed to be a top 15 U.S. subservicer, with close to $65 billion in customer mortgages serviced on its platform. It claims to have experienced 400% growth year-over-year.
The subservicer says it is solving “the most deep-rooted challenges in the mortgage industry” via its platform that is used by mortgage servicers and homeowners.
“This new funding demonstrates that we’ve hit the milestones to prove our software is best in class and will allow us to double down on our technology to deliver even more value to the industry,” said Andrew Wang, CEO of Valon, in a press release.
Looking ahead, the fintech views cross-selling products to customers as a strategy to expand its business and increase market share in the industry. It highlighted the recent introduction of consumer services in property insurance and property tax appeals.
Josh Dart, a partner at WestCap and a member of Valon’s board, said the New York-based subservicer is shaking up an industry that has “been characterized by limited technological innovation for decades.”
“The company’s strong growth and market share gains, industry-leading innovative feature set, and best-in-class customer satisfaction underscore Valon’s ability to deliver meaningful value to both mortgage servicers and homeowners,” Dart added.