Valon raises $150M Series D led by Ribbit Capital at a $2.3B valuation

Valon Technologies has raised a $150 million Series D led by new investor Ribbit Capital, with existing investor Andreessen Horowitz participating. The round doubles the valuation to $2.3 billion; the previous round was a $100 million Series C in October 2024.

Founded in 2019 and led by co-founder and CEO Andrew Wang, the New York company built ValonOS, a single operating system for loan data, investor reporting, servicing workflows, compliance logic and money movement, plus AI agents that answer homeowner emails, allocate payments and run escrow analyses. Valon first proved the platform by running its own servicing business, which Carrington Mortgage Services bought in August before adopting ValonOS as its core.

Two of the ten largest US servicers are live on ValonOS and one in six outstanding US mortgages is under contract to run on it. Rithm Capital, parent of Newrez, took a minority stake in February and plans to move Newrez onto the platform by 2027.

The read: the $13 trillion mortgage servicing market still runs on mainframes; Valon is selling the replacement.