Pylon Closes $8.5M Seed Round to Build the Embedded Mortgage Infrastructure Platform
Pylon, the embedded mortgage infrastructure platform, announced today that it has raised $8.5 million in seed funding, led by Conversion Capital with participation from Fifth Wall, Peter Thiel, QED Investors, Montage Ventures, and Village Global alongside angel investors from Ramp, Blend, Zillow, SoFi, and Figure. The round will accelerate Pylon's product development and recruitment efforts, propelling its mission to enable enterrises including FinTechs, PropTechs, banks, and retail brands to build mortgage lending into products in weeks instead of the years it would take to build a digital lender from the ground up.
Founded in early 2022 by Trent Hedge and Marco Monteiro, Pylon has built a unified stack from software to compliance and capital markets that enable customers to efficiently launch new mortgage products at scale. This includes:
"Mortgages are rapidly becoming commoditized across rates, loan products, and operations as indicated by the nearly identical rates amongst the top 10 lenders. We are long overdue for the infrastructure layer that standardizes these commodities through software - allowing our customers to focus on building highly differentiated, revenue-generating mortgage offerings at a fraction of the time and cost," said Hedge. "The Pylon product drastically shifts the calculus to offer mortgages while providing a digitally-native experience from day 0. Our ability to unlock new lines of revenue while driving down costs and overhead has become exponentially more valuable in today's market."
The product is currently undergoing a significant build and deploying amongst early customers from a set of enterprise design partners via a private beta. Analogous to the banking-as-a-service industry with the rise of developer-first infrastructure, Pylon is building the rails to seamlessly integrate mortgage-as-a-service for its customers.
"The Pylon platform unlocks enormous enterprise value and access to the largest asset class in North America. The building blocks and technology now exist to offer the first fully embeddable mortgage product for enterprise companies and their customers," said Christian Lawless of Conversion Capital. "The complexity of the buildout is only possible due to the exceptional technical expertise and vision of the team, which are leveraging decades of innovation in infrastructure technology alongside platform integration and buy-in from some of the largest institutional banks and lenders."
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