Mortgage servicing platform Valon has secured $100m in a Series C funding round, aimed at expediting the platform development and expanding its market presence.
Led by WestCap, the funding round also had participation from both new and existing investors, including Andreessen Horowitz.
This latest investment brings Valon’s total capital raised to $230m since its founding in 2019.
WestCap partner Josh Dart said: “Valon has built a fundamentally better and more comprehensive solution for a market that has been characterised 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.”
Headquartered in New York City, Valon is engaged in transforming mortgage experience for consumers, lenders, and investors.
The firm aims to address longstanding challenges in the mortgage industry. The platform offers enhanced operational efficiency for mortgage servicers, while providing a more seamless experience for homeowners.
By further advancing its product development and market expansion, Valon aims to position itself as the go-to software platform.
Valon has reported a 400% year-over-year (YoY) increase and more than $65bn in mortgages now serviced on its platform. The company also claims to have become one of the top 15 US subservicers.
The vertically integrated mortgage servicing platform seeks to expand the market through enhanced consumer cross-sell opportunities, which could double or even triple the total addressable market for mortgage servicers.
The company’s refinance recapture rate consistently exceeds the industry average, said the firm. Valon has also introduced new consumer services, including property insurance and property tax appeals.
Valon CEO Andrew Wang said: “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.
“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.”
