Innovative financial technology company is on a mission to transform the way homeowners tap into equity without new debt or monthly payments.
SAN DIEGO, April 12, 2022 /PRNewswire-PRWeb/ -- Splitero, the financial services company that provides homeowners better options to access home equity, today announced it had secured $5.8 million in seed funding, led by Gemini Ventures. Additional investors include Permit Ventures, Fiat Ventures, and others. Splitero has secured more than $1 billion in total financing to help homeowners access their equity.
With consumers coping with inflation and rising expenses and yet experiencing record home equity, Splitero is perfectly positioned to offer a better solution. There is currently over $25.3 trillion in U.S home equity. 17+ million residential properties have over 50% in home equity, and 31.9% of the 55.8 million mortgaged homes in the U.S have 50%+ equity.
Splitero provides homeowners a lump-sum of cash in exchange for a share of their home's appreciation. These Home Equity Investments (HEIs) allow homeowners to use their home equity to better their lives without income or credit score requirements. Splitero's unique approach allows the company to provide long-term support and services, significantly decreasing the cost to homeowners.
"Splitero is serving a critical need in today's housing market, allowing homeowners to leverage the value of their home without selling or moving," said Adam Pase, Co-Founder and General Partner of Gemini Ventures. "Splitero's seasoned team of real estate experts has significantly positioned them to impact the residential financing market, and we are thrilled to support them in their launch."
Founders, CEO Michael Gifford, and COO David Zvaifler, are career real estate experts who witnessed firsthand the lack of resources available to homeowners when they most need to access the value trapped in their home equity. Gifford is a consumer-focused FinTech veteran who was most recently Vice President of Sundae. He was also part of the initial team at Kiavi (formerly LendingHome). Zvaifler is the founder of Pacific Pines Real Estate, a brokerage platform servicing residential investment and development. He was also COO of Apollo Realty Investments and Vice President of Upward Trend.
"Too many American homeowners are underserved with products to access their home equity. Many face impossible tradeoffs when it comes to prioritizing retirement savings, children's education, and paying off debt," said Michael Gifford, CEO, and Co-founder of Splitero. "We started the company to help today's homeowners by giving them the cash they need now without restrictive bank qualifications or disrupting their lives."
Splitero is available to homeowners in California and has plans to expand nationally.
About Splitero
Splitero is a financial technology company that provides homeowners better options to access home equity. By giving a lump-sum of cash in exchange for a share of their home's appreciation, Splitero helps homeowners put their equity to better use without income or credit score requirements. Founded by real estate veterans, Splitero is currently available to homeowners in California.
Media Contact
Katie Snyder, Pitch Public Relations, 1 480-286-2411, [email protected]
SOURCE Splitero
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