Bee, a Ponte Vedra, FL-based provider of a Web3 mortgage app for homebuyers, raised $2.5M in funding.
Bee secured this investor interest through Stonks, a platform backed by Andreessen Horowitz.
The company intends to use the funds to finish product development with e-closing capabilities, hire mortgage staff, and seed the Florida market prior to launching its mobile mortgage app in Q4 of this year to Florida buyers.
Led by CEO Curtis Wood, Bee is a mortgage app, currently in beta, that’s powered by Byrdie, a custom loan origination software (LOS) enhanced with Web3 technology. Bee and Byrdie, a hybrid point-of-sale/LOS, are designed to eliminate the need for a loan officer and processor to process and decision data. Byrdie’s tech stack includes blockchain, AI, machine learning, and data automation that is able to process approximately 70% – 80% of origination data without any loan officer or processor dependencies. This LOS eliminates the first and third biggest costs to originate a loan, the loan officer and processor, allowing mobile buyers to get pre-approved in mere minutes, anywhere, any time, entirely on their phone. Bee’s Web3 automation will allow it to acquire customers at one-third of the cost of other lenders, and offer more affordable terms to buyers driving the company’s mission to improve the wealth gap, by getting more people into homeownership, the starting point for wealth creation for most families.
Building on investor interest, Bee has expanded its board of directors, adding user engagement expert, Bryan Schroeder, who is currently the director of Global Market Solutions at Facebook, and Ken Allen, who has over 20 years of experience leading risk management and fraud-related departments for organizations like Equifax, Western Union, and Capital One.
FinSMEs
13/06/2022