Vesta raises $30M Series B led by Conversion Capital for AI agents in mortgage origination

Conversion Capital, which also backed Vesta's seed round, led the Series B. Lender customers New American Funding, PennyMac Financial Services and NBKC Bank invested alongside Citi Ventures, FirstKey Mortgage and Navitas Capital. Existing backers Andreessen Horowitz, Zigg Capital and Parker89, First American Financial's venture arm, also took part. Total funding is now $85M. CEO Mike Yu puts revenue growth at 12x year over year, with market share still below 5%. Lenders on the platform run tens of thousands of agent tasks a day, covering underwriting, condition clearing and closing reviews. Agents start on human-approved tasks and can then handle selected loans on their own, while lenders stay responsible for the decisions. The $100B+ in annual originations Vesta cites includes lenders that are still migrating. Pennymac's reported 25% cut in origination costs came before it switched agents on. For AI founders, this shows a pattern for regulated workflows: replace the system of record first, then let autonomy grow one task at a time. Getting customers to invest makes the product more credible, but separating platform savings from AI-driven gains remains the open question.