Bee, the first Web3 mortgage app for homebuyers, today announced $2.5 million in investor interest after a successful beta test. This test demonstrated the app’s ability to process a full loan application with verified income and assets in less than nine minutes, all without a loan officer involved. The live user test proved the Web3 technology works, creating an ideal mobile mortgage experience that users compared to Uber and Venmo.
Bee secured this investor interest through Stonks, a platform backed by Andreessen Horowitz, that allows start-ups to showcase their products for investors during demo days. The company plans to use committed 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.
“Getting this type of backing is a testament to Web3’s ability to support a new mobile mortgage experience by simplifying and expediting the loan origination process,” said Curtis Wood, Co-founder and CEO of Bee. “We look forward to offering mortgages where today’s buyers like to do business, on their phones.”
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. National media like The Washington Post have leveraged Bee’s industry expertise and innovative app to report on mortgage-related news and trends.
Bee’s team consists of industry experts across mortgage lending, Web3, and real estate who are passionate about bringing the industry into the 21st century by providing an end-to-end mobile mortgage experience, from shopping through closing.
To learn more, please visit https://www.beemortgageapp.com/
Bee is innovating the mortgage industry with an easy to use 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.