HousingWireHousingWire
Fast-growing mortgage servicing platform Valon has secured $100 million in a Series C funding round, the company announced this week.
The latest investment — led by New York investment firm WestCap and Silicon Valley venture capital giant Andreessen Horowitz — brings the total amount of capital raised by Valon to $230 million since its launch in 2019. The firm is currently valued at $1.1 billion.
Valon intends to use the fresh capital to boost product development and expand its reach to new markets. It is utilizing a cross-selling strategy that offers additional products to its existing customers in an evolving mortgage landscape.
Valon founder and CEO Andrew Wang has emphasized the company’s focus on innovation from day one. Valon’s platform — the first of its kind to provide end-to-end mortgage servicing — was designed to boost efficiency and transparency for home buyers and sellers.
“From the very beginning, our goal has been to build the servicing software platform of tomorrow. That means bringing transparency, efficiency, and improved customer experience to mortgage servicing,” Wang said in a statement. “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.”
Josh Dart, a WestCap partner and Valon board member, echoed Wang’s statement. He praised Valon for bringing more innovation to a historically tech-resistant industry.
“Valon has built a fundamentally better and more comprehensive solution for a market that has been characterized by limited technological innovation for decades,” Dart said in a statement. He attributed the company’s growth and market share gains to its innovative features that impact servicers and customers in a profound way.
Valon’s success is underscored by its impressive year-over-year performance. The company is now servicing $65 million in mortgages, equating to 400% annualized growth. With more expansion, Valon estimates that its newly expanded platform could double or triple the addressable market for mortgage servicers that use its software.
Valon’s platform offers traditional purchase and refinance products, alongside alternative products like home equity lines of credit (HELOCs). Clever Real Estate also partners with Valon to match buyers and sellers with local real estate agents who offer cash rebates, commission discounts and other products.
Looking ahead, Valon plans to further diversify its offerings with new ventures in homeowners insurance and tax appeals, reflecting an ongoing commitment to growth and innovation.
