Company expands providing homeowners in Oregon and Utah better options to access their home equity
SAN DIEGO, Jan. 17, 2023 /PRNewswire-PRWeb/ -- Splitero, the financial technology company that provides homeowners better options to access their home equity, announced today that it secured an $11.7 million Series A funding round. Fiat Ventures led the investment round with additional participation from Gemini Ventures, Joint Effects, PBJ Capital, Permit Ventures, Dream Ventures, Goodwater Capital, Spark Growth Ventures, and Oyster Fund. In addition, Splitero announced the expansion of their offering to now serve homeowners in Oregon and Utah.
"I am thrilled to announce our Series A. The completion of our funding round, in the current economic environment, is a testament to our team's hard work and tremendous growth this year," said Michael Gifford, Co-Founder and CEO of Splitero. "This funding supports our mission to transform how homeowners access their equity. We are grateful for the support of our investors."
Splitero provides homeowners a lump sum of cash in exchange for a share of their home's appreciation. Home Equity Investments (HEIs) allow homeowners to use their home equity to better their lives without income or minimum credit score requirements and no monthly payments. Splitero's unique approach allows the company to provide long-term support and services, significantly decreasing homeowners' costs.
Currently, there is over $27.8 trillion in U.S. home equity. 110+ million residential housing units have over 50% in home equity, and 48.5% of the 58.1 million mortgaged homes in the U.S. have 50%+ equity. Yet, homeowners continue to be underserved with traditional financial products to access their home equity. As existing home sales continue to fall and climbing interest rates trap many homeowners with low-priced mortgages, Splitero is uniquely positioned to offer homeowners a better solution.
"Homeowners' financial needs are constantly evolving, creating a demand for unique and flexible solutions that support them in reaching their goals and achieving financial wellness," said Alex Harris, General Partner of Fiat Ventures. "Splitero is solving that problem and serving a critical need in today's housing market, allowing homeowners to leverage the value of their home without selling or moving. We are elated to partner with them to advance their transformative approach to more markets so they can help more homeowners across the U.S."
This financing builds on Splitero's significant growth in 2022. Splitero currently operates in California, Colorado, Oregon, Utah, and Washington, with plans to expand into additional states in 2023. Since launching in August of 2021, the company has secured more than $1 billion in financing to help homeowners access their equity without new debt or monthly payments.
About Splitero
Splitero is a financial technology company that provides homeowners better options to access home equity. Splitero provides a lump sum of cash in exchange for a share of the home's appreciation. Founded by real estate veterans, Splitero has secured more than $1 billion in total financing to help homeowners in California, Colorado, Oregon, Utah, and Washington access their equity. For more information, visit http://www.splitero.com.
Media Contact
Katie Snyder, Pitch Public Relations, 1 480-286-2411, [email protected]
SOURCE Splitero
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