Beea Ponte Vedra, Florida-based provider of a Web3 mortgage app for homebuyers, raised $2.5 million in funding.
Bee got this investor interest through Stonks, a platform backed by Andreessen Horowitz.
The company intends to use the funds to complete product development with electronic closing capabilities, hire mortgage staff, and seed the Florida market before launching its mobile mortgage app in the fourth quarter of this year for mortgages. Florida buyers.
Led by CEO Curtis Wood, Bee is an easy-to-use mortgage app, currently in beta, that’s powered by Byrdie, a custom loan origination (LOS) software enhanced with Web3 technology. Bee and Byrdie, a hybrid POS/LOS, is designed to eliminate the need for a loan officer and processor to process and take data. Byrdie’s technology stack includes blockchain, AI, machine learning and data automation which is capable of processing approximately 70%-80% of the original data without any loan officer or processor dependencies . This LOS eliminates the first and third largest costs to originate a loan, the loan officer and the processor, allowing mobile shoppers to get pre-approved in minutes, anywhere, anytime, entirely on their phone. Bee’s Web3 automation will allow it to acquire customers at a third of the cost of other lenders and provide more affordable terms to buyers who drive the company’s mission to improve the wealth gap, enabling more people to own property, the starting point of 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 director of Global Market Solutions at Facebook, and Ken Allen, who has more than 20 years of experience in risk management and fraud-related departments for organizations like Equifax, Western Union and Capital One.