Valon Technologies, an AI-native operating system built for regulated finance, has closed a $150m Series D round that places the company at a $2.3bn valuation, twice the figure from its previous raise.
Ribbit Capital came on board as a new backer in the round, while existing investors, among them Andreessen Horowitz, also returned to support the business.
Valon intends to put the new capital towards speeding up product development and growing its workforce, with the aim of migrating the country’s biggest mortgage servicers away from outdated technology and onto ValonOS and its AI agents. Recruitment is under way for engineering, product, deployment and go-to-market positions, with roles based in New York, San Francisco and remotely.
Since its launch in 2019, Valon has taken an atypical route to market. Instead of pitching its software to the industry from day one, the firm first operated its own full-scale servicing business on the platform, only later making it available to third parties. Within half a year of that move, it had secured over $200m in contracted annual recurring revenue.
Rithm Capital’s Newrez, Carrington Mortgage Services and ServiceMac are among the major mortgage institutions set to run on ValonOS, and altogether one in every six outstanding US mortgages is now contracted to the platform, it claimed.
Two of the ten biggest US servicers are already operating on ValonOS. These are ServiceMac, ranked as the fourth-largest residential subservicer, and Carrington Mortgage Services, which bought Valon’s servicing business in August and made ValonOS its core servicing system.
Valon positions itself as the leading AI platform for mortgage servicing. ValonOS swaps out the disjointed collection of systems servicers typically depend on, consolidating loan data, investor reporting, operational workflows, compliance logic and money movement into one place. This unified setup forms the basis for Valon’s AI deployment, giving agents a single source of truth rich in structured context, tools they can invoke, and a full audit trail of their actions.
Looking further ahead, Valon aims to move into neighbouring regulated markets such as commercial, personal, auto and student lending.
Valon co-founder and CEO Andrew Wang said, “For sixty years, mortgage servicing has run on aging mainframe systems, and every regulatory change has compounded technical debt and increased costs. That is no longer the only option. ValonOS is the operating system the industry is moving onto, and this financing lets us bring it, and the AI agents that run on it, to every servicer in the country.”
Ribbit Capital founder Micky Malka said, “Andrew, Linda, Brian, and the Valon team are taking on a part of financial services that is badly in need of better technology. A mortgage is the biggest bill most families will ever have, yet the companies that service those loans still rely on complex, hard-to-navigate legacy software. From the beginning, they’ve understood that improving the status quo takes more than better software: you have to service the loans yourself and prove the system holds up at real scale. We’re proud to back them as they build the trusted platform that mortgage servicing can run on for decades to come.”
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