Vesta, an AI-native software startup, has raised $30 million to automate mortgage lending, making the loan origination process quicker and cheaper for lenders.

The company uses AI agents to handle tasks, reducing the time and costs associated with processing mortgages. Three of its customers, including Pennymac and New American Funding, have invested in the round alongside Citi Ventures and Andreessen Horowitz.

Mike Yu, CEO and co-founder of Vesta, says the company has seen a 12x increase in revenue year over year. He believes the perfect time to scale up is now, with demand for the product having 'exploded in the last year'.

The new product line includes a personal assistant for mortgage issuers that can help perform tasks and track workflows. With Vesta, humans can deploy a swarm of agents to speed up task completion.

Vesta is competing against both traditional mortgage systems and other AI-native companies trying to automate the mortgage lending process. The company’s advantage is that legacy systems weren’t built for AI agents, making integration more challenging.