Adam Neumann, Andreessen Horowitz Invest in Mortgage Startup
- WeWork’s co-founder among backers as Valon raises $50 million
- Company says it can reduce mortgage-servicing costs by half
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Valon Mortgage Inc., a startup promising to cut mortgage-servicing costs by half, raised $50 million from investors including venture firm Andreessen Horowitz and WeWork co-founder Adam Neumann’s family office, the company’s chief executive officer said.
Valon, formerly known as Peach Street Inc., has won approval from mortgage giant Fannie Mae to service its home loans, co-founder and CEO Andrew Wang said, and aims to increase its current book of mortgages from $30 million to $10 billion by year-end. He said it’s the first new loan servicer to gain Fannie approval using its own software and technology.