Vesta raises $30M to bring swarms of agents to mortgage lenders
Vesta, an AI-native software startup that helps lenders originate mortgages, announced on Thursday that it raised a $30 million round led by Conversion Capital.
The startup uses AI agents to automate much of the loan origination process, which, the founders say, helps lenders reduce the time and costs of processing mortgages. Three of the company’s customers, including Pennymac and New American Funding, also invested in the round alongside Citi Ventures and Andreessen Horowitz.
Mike Yu co-founded the company in 2020 with Devon Yang. Yu, the company’s CEO, told TechCrunch that now was the perfect time to raise because demand for the product has “exploded in the last year.” He said revenue is up 12x year over year and that the company has helped originate more than $100 billion a year in loans for lenders. The company has raised $85 million in funding to date.
“While the traction is great,...
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