Hometap, a Boston, MA-based provider of a smart, new loan alternative for tapping into home equity without taking on debt, secured $100m in new financing.
Backers included Iconiq Capital, and current investors General Catalyst, G20, Pillar and American Family Ventures, the venture arm of AmFam Insurance.
The company intends to use the funds to continue its nationwide expansion, and grow its cross-functional team.
Led by Jeffrey Glass, CEO, Hometap enables homeowners to access a percentage of their home’s current value in exchange for an agreed upon percentage of the future value of their home. By taking an investment in their home, rather than incurring additional debt, homeowners are now able to tap into their home equity without monthly payments and interest.
When the home sells or the homeowner settles the investment, the company is paid out an agreed-upon percentage of the sale price or current appraised value.
FinSMEs
12/12/2019