Home equity fintech Unlock bags $30m Series B funding
US fintech Unlock Technologies has secured a $30 million Series B equity investment supported by D2 Asset Management, Saluda Grade, Second Century Ventures, and Reach, the venture arm of the National Association of Realtors.
Unlock secures $30 million Series B funding
Founded in 2019 and based in New York, Unlock provides home equity agreements (HEAs) that allow homeowners to receive a lump sum of cash in exchange for a share of their home’s future appreciation.
The fintech says its HEA product “offers homeowners a meaningful way to access the equity in their home without the burdens of traditional loans”.
“This funding validates our vision of democratising home equity and empowering homeowners to achieve their financial goals,” comments Unlock CEO Jim Riccitelli.
Alongside its equity funding, the company has also secured a $250 million capital commitment from D2 to support its origination growth, with the company saying it has “immediate plans” to expand its reach across the US.
Unlock, which is currently available in 14 states across the country, claims the commitment comes “at a time of tremendous growth” for the company.
It plans to use its new funding to expand its current product remit with “tailored products for specific homeowner segments”, such as prospective homebuyers, retirees, and those typically excluded by traditional lending processes.
The fintech also intends to “significantly invest” in its technology platform with a focus on “developing advanced data analytics capabilities to gain deeper insights into customer behaviour and preferences”.
