Startup Valon has raised a $50 million venture funding round led by a16z that included Adam Neumann, Bloomberg reported. The tech-enabled mortgage servicer seeks to take market share from software giant Black Knight, which controls more than half of all U.S. residential loans.
- Worth Noting: The company has won approval from mortgage giant Fannie Mae to service its government sponsored home loans. Valon hopes to increase its current small book of $30 million in mortgages.
- Other investors who participated in the latest funding round include: Jefferies Financial Group, New Residential Investment Corp., an affiliate of Fortress Investment Group LLC, and Neumann’s 166 2nd LLC. Its board includes Timothy Mayopoulos, president of digital-lending startup Blend Labs and the former CEO of Fannie Mae.