Beeline, a start-up mortgage lender that combines automation and AI to deliver a digital mortgage experience, has completed a Series A round of financing for an undisclosed amount.
The capital will be invested in automation and artificial intelligence (AI), the company says in a release.
The round of financing was led by the Cavalry Fund and included participation from strategic co-investors Atalaya Capital Management, Ellington Financial Inc., and Australia-based Pipeline Capital.
The latest transaction brings the total capital raised by Beeline to $22 million.
“We’re thrilled to welcome our new equity partners, who are aligned with our vision of using automation to disrupt the housing industry and revolutionize how people get mortgages,” says Peter Gonzalez, president and co-founder for Beeline, in a release. “This transaction positions Beeline to provide consumers with a home financing experience that surpasses all other currently available options.”
The new funding will accelerate development of Beeline’s mortgage automation platform, which identifies, processes, and resolves underwriting conditions in real-time so borrowers can instantly know if they are pre-approved for a loan.
Beeline launched in June 2020 and has already closed nearly $500 million in mortgages. The company is currently licensed in 26 states and plans to add more.
Photo: Giorgio Trovato
