Company plans to introduce products, enhance technology platform, expand nationwide
TEMPE, Ariz., Sept. 3, 2024 /PRNewswire-PRWeb/ -- Unlock Technologies (Unlock), a leading fintech company transforming the homeownership experience, today announced a significant strategic partnership with D2 Asset Management (D2). The agreement includes a $30 million Series B equity investment in Unlock and a $250 million capital commitment from D2 to support Unlock's origination growth. Also participating in the Series B were Saluda Grade, Second Century Ventures and REACH, the venture and tech growth arm of the National Association of REALTORS®.
The infusion of capital comes at a time of tremendous growth for Unlock. The company has experienced a staggering 98% year-over-year growth in homeowners choosing its innovative home equity agreement (HEA). This surge in demand reflects the increasing macro need for flexible and accessible financial products that leverage the value of homeownership.
"We are thrilled to have the support of this group of investors," said Jim Riccitelli, CEO of Unlock. "This funding validates our vision of democratizing home equity and empowering homeowners to achieve their financial goals. With this capital, we will accelerate our growth and continue to develop innovative solutions that unlock the true value of homeownership."
The funding will be used to execute on Unlock's growth strategy, centered around three core initiatives:
Expanded Product Offerings
- Unlock plans to introduce a suite of innovative home equity solutions designed to meet the evolving needs of homeowners. This expansion will include tailored products for specific homeowner segments, such as prospective homebuyers, retirees, and those who do not qualify for traditional mortgages and home equity lines of credit. By diversifying its product offerings, Unlock aims to become the go-to platform for homeowners seeking flexible and accessible home equity solutions.
Enhanced Technology Platform
- Leveraging the new funding, Unlock will significantly invest in its technology platform to deliver an unparalleled customer experience. This includes automating key processes, streamlining the homeowner journey and enhancing efficiency. Additionally, Unlock will focus on developing advanced data analytics capabilities to gain deeper insights into customer behavior and preferences, enabling the company to offer personalized recommendations and support.
Nationwide Expansion
- Building upon its successful track record, Unlock is poised for rapid nationwide expansion. The company will strategically invest in marketing and brand awareness initiatives to establish a strong presence in new markets. By expanding its footprint, Unlock aims to reach a broader audience of homeowners and make its innovative home equity solutions accessible to more people across the country. This expansion will be supported by robust infrastructure, operational enhancements to ensure seamless service delivery in new regions, and continued adherence to applicable regulatory requirements.
Unlock's HEA offers homeowners a meaningful way to access the equity in their home without the burdens of traditional loans. Homeowners can receive a lump sum of cash in exchange for a share of their home's future value. There are no monthly payments, interest rates or the need to refinance.
"Unlock has exhibited exceptional leadership in creating innovative solutions to address critical challenges in today's housing market," said Luke Doramus, co-founder and managing partner of D2 Asset Management. "The home equity agreement has the potential to revolutionize how homeowners can tap into their home equity, and we are excited to make a significant commitment to support the Unlock team as they expand their business."
An HEA provides homeowners with financial flexibility to address a variety of needs, such as home renovations, debt consolidation or funding major life events. Homeowners can unlock the potential of their home equity and achieve their financial goals without compromising their long-term financial stability.
Unlock is currently available in 14 states, with immediate plans to expand its reach to serve more homeowners nationwide.
Disclaimer:
This press release is for informational purposes only and is neither an offer to sell nor the solicitation of an offer to any for any other securities, and shall not constitute an offer, solicitation or sale. Any offers will be made only by means of a private offering memorandum.
Forward-looking statements:
Certain forward-looking statements and information have been obtained from, or are, based on or derived from, published and non-published sources and/or prepared by other parties, which in certain cases have not been updated through the date hereof. Such information is based, in part, on assumptions which have not been independently verified. While such information is believed to be reliable for the purpose used above, we cannot guarantee the accuracy of any such information or the reasonableness of any such assumptions. Unless specified, any views reflected are subject to change without notice. Unlock is not under any obligation to update or keep current the information referenced above. Certain information constitutes "forward-looking statements," or statements of opinion or intention, which can be identified by the use of forward-looking terminology such as "may," "can," "will," "would," "should," "seek," "expect," "anticipate," "target," "forecast," "project," "estimate," "potential," "intend," "continue," "plan" or "believe," or the negatives thereof or other variations thereon, or comparable terminology.
About D2 Asset Management
D2 Asset Management, LP is a global investment firm specializing in credit, hybrid and special situation investments across real assets, specialty finance and structured credit. D2 provides innovative and flexible capital solutions across industries, markets, and cycles, with a focus on delivering consistent, attractive risk-adjusted returns.
About Unlock Technologies (http://www.unlock.com)
Founded in 2020, Unlock Technologies is a Tempe, Arizona-based financial technology company providing products and services that help consumers solve financial challenges and improve their financial health. The company's flagship product is its home equity agreement (HEA), a financing option for homeowners who want to access the equity they have built in their homes without taking out a loan. To date, Unlock has helped more than 10,000 homeowners in 16 states access their home equity.
About Saluda Grade (http://www.saludagrade.com)
Saluda Grade is a synergistic and vertically integrated advisory and asset management platform focused on investments in the alternative non-bank lending sector, real estate debt and equity, and hard-assets sector. Headquartered in New York City, the firm was founded in 2019.
About Second Century Ventures and REACH (https://nar-reach.com/)
REACH is a unique technology scale-up program created by Second Century Ventures, the most active global fund in real estate technology. Backed by the National Association of Realtors®, REACH leverages the association's 1.5 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies scale across the real estate vertical and its adjacent markets through education, mentorship and market exposure.
Media contact: Michael Micheletti, [email protected], 415-359-6985
Media Contact
Michael Micheletti, Unlock Technologies, 415-359-6985, [email protected], www.unlock.com
SOURCE Unlock Technologies
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