Tucker Haas, CEO at Quo
Today we are announcing our $7.2M fundraise led by SignalFire with participation from Justin Mateen, Soma Capital, Global Founders Capital, and others. With this new round of funding, we will have raised close to $10M to date to fulfill our mission to make financial services, specifically homeownership, more accessible for everyone. We intend to use our new round of financing to further accelerate the development and growth of our flagship Home Coaching mobile app and build a completely integrated and seamless home-buying transaction experience.
Today, we connect directly to our users credit, savings, and income information to determine precisely how much home you can afford and find shortcuts to expedite your path to homeownership. This can include seeing if you qualify for down payment assistance, computing which debts you should pay off versus saving that money for a down payment, and determining if increasing your credit score will get you access to better loan options.
We have already seen firsthand the power that this new approach to home ownership has. Since launching in June of this year, our user's have amassed over $230M in home buying power and are working towards $1.3Bn in homes. This has demonstrated that increasing consumer knowledge and transparency at the earliest stages of the home buying process is a critical step in building the future of home ownership, as it allows us to develop a long term and trusted digital relationship with our users in the lead up to their home purchase.
As a part of that journey to a fully integrated, seamless home-buying experience, we are excited to announce that we have also completed the acquisition of Uncapped Mortgage, a licensed mortgage brokerage, and have now rebranded it as QuoHome. By bringing Uncapped into the Quo family, we are now equipped to help our users secure a mortgage in the same place they prepared their finances for it, delivering exceptional customer experiences and reduced costs. "We saw joining forces with Quo as an opportunity to create an entirely digital and end-to-end homeownership journey. Rather than handing someone off once they're financially ready, Quo is now positioned to help with everything in one place and save the customer a lot of money by doing so," says QuoHome CEO Gary Peters.
A prime example of the benefits of this integration is Home Cash. Home Cash is money you will receive after closing to spend on your new home - whether it is movers, furniture, or any of the other million extra costs that come with home ownership. Anyone working towards a home in the app can now earn Home Cash for doing simple actions like updating us on their progress, giving real motivation to continue building towards your dream home.
We founded Quo with the mission to make financial services more accessible. While we have tackled this mission with a few different products and angles these past few years, we've decided to hone in on the biggest and most critical financial goal there is, homeownership. In a space fraught with misaligned incentives and opaque information, we saw the largest opportunity to build a truly transformative product and experience.
The journey has just begun, but we are eternally thankful to all our family, customers, investors, and supporters for sticking with us. Most importantly, we are excited to show the world a new chapter in home-buying.