An $8.5 million seed funding round was led by Conversion Capital, with participation from Fifth Wall, Peter Thiel, QED Investors, Montage Ventures and Village Global.
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A virtual who’s who in real estate venture capital investing sees consolidation in the mortgage industry as an opportunity for Pylon, a startup that offers a fully embeddable, end-to-end mortgage service for enterprises.
Boasting that its application programming interface (API) can help proptechs, banks and retail brands build mortgage lending into their products in just weeks, New York-based Pylon announced $8.5 million in seed funding Monday.
Trent Hedge
“Mortgages are rapidly becoming commoditized across rates, loan products, and operations as indicated by the nearly identical rates amongst the top 10 lenders,” co-founder and CEO Trent Hedge said, in a statement. “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.”
Marco Monteiro
Hedge, who previously cofounded digital custom homebuilder Atmos, founded Pylon this year with Marco Monteiro, a cofounder of Sherlock AI who has worked as a software engineer for companies like Databricks and Instabase.
Pylon offers a “unified stack from software to compliance and capital markets” including flexible API and integrations to pre-fill loan applications, instantly verify income and assets, pull credit and deliver “quick and accurate” decisions to borrowers.
Pylon’s seed funding round was led by Conversion Capital, which has a track record as an early backer of startups in finance and real estate that…