Vesta raises $30M led by Conversion Capital to bring AI agents to mortgage origination

Vesta has raised $30 million led by Conversion Capital. Three of its customers, including Pennymac and New American Funding, invested alongside Citi Ventures and Andreessen Horowitz. Total funding now stands at $85 million.

Founded in 2020 by CEO Mike Yu and Devon Yang, Vesta builds an AI-native loan origination system for mortgage lenders. Lenders usually start its agents with a person approving each step, then let them handle a share of loans on their own; some now use them in underwriting decisions, with every action and its reasoning logged for audit.

Yu says revenue is up 12x year on year and that lenders originate more than $100 billion a year on the platform, still under 5% market share. A US mortgage takes around 40 days and about $11,000 to close.