Digital mortgage servicer Valon (formerly known as Peach Street) announced on Tuesday it picked up $50 million in a Series A funding round spearheaded by venture capital heavyweight Andreessen Horowitz.
Founded in 2019 and marketed as a mobile-friendly servicer, Valon allows borrowers to make payments, view balances, request information and manage escrows through its cloud-based platform. It also allows lenders to request API data feeds and view borrow performance.
The software is built on Kubernetes, an open-source automation platform designed by Google and a familiar program to Valon co-founders Andrew Wang and Eric Chiang, who had both previously worked for the internet search giant…
According to a spokesperson for Valon, the company operates as a competitor to tech giant Black Knight, whose technology is used by the servicers of roughly half of all U.S. residential loans.
Lead investor Andreessen Horowitz has made big bets on housing-related startups before. It’s a big investor in proptech giants like AirBnB and Flyhomes and smaller startups like Brazil-based housing marketplace Loft.