Citi Invests in Pylon, the Programmatic Mortgage Infrastructure Platform
NEW YORK – Citi has made a minority strategic investment in Pylon, a mortgage infrastructure provider.
The investment was made jointly through Citi’s Spread Products Investment Technologies (SPRINT) unit and Citi Ventures. Citi is joining existing investors Conversion Capital, Allegis Capital, Peter Thiel, QED, and Fifth Wall.
In addition to the investment, Citi and Pylon are working together to integrate the industry-leading liquidity offered by Citi’s mortgage trading desk directly into the Pylon platform. This will effectively provide Pylon customers with direct access to Citi’s institutional-grade products and rates.
Founded in 2022, Pylon’s mission is to rewire mortgage from the ground up. The Pylon platform delivers programmatic originations and capital through its enterprise-grade APIs. The company serves innovative businesses across wealth management, homebuilding, servicers, banks, and select lenders.
“We’re pleased to have the secured this investment from Citi, which marks a significant milestone for Pylon,” said Trent Hedge, Founder and CEO of Pylon. “Our connectivity with Citi’s mortgage trading desk delivers the same unobstructed access to Wall Street that was previously only available to the largest market participants.”
"Pylon's next-generation, multi-product platform is built on an intelligent core. We're excited to launch this strategic initiative and deliver the scale of our industry-leading Spread Products business to Pylon," said Patrick Brett, Head of Citi SPRINT Investments.
Citi SPRINT makes strategic equity investments in start-ups in the specialty lending, alternative investment and real estate spaces.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Media Contact
Citi - Hailee Shanahan hailee.shanahan@citi.com
Pylon - Jinny Kang jinny@pylonlending.com