Home equity agreement firm Unlock completes $30M Series B round

By BrokerOwner.net September 3, 2024 Housing News

Home
equity
fintech

Unlock
Technologies
has
landed
a
Series
B
funding
round
that
includes
a
$30
million
investment
by D2
Asset
Management.
D2
also
pledged
a
$250
million
capital
commitment
to
Unlock
to

support
originations.

Also
participating
in
the
Series
B
round
were

Saluda
Grade,

Second
Century
Ventures
and

REACH,
the
venture
and
tech
subsidiary
of
the

National
Association
of
Realtors
(NAR).

Unlock,
a
provider
of

home
equity
agreement
(HEA)
contracts,
claims
it
has
experienced
98%
year-over-year
growth
in
the
number
of
homeowners
who
chose
its
product.
The
company
said
this
reflects
the
“macro
need”
for
versatile
financial
products
among
existing
homeowners.

“This
funding
validates
our
vision
of
democratizing
home
equity
and
empowering
homeowners
to
achieve
their
financial
goals,”
Unlock
CEO
Jim
Riccitelli
said
in
a
prepared
statement.
“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
expand
Unlock’s
growth
strategy,
with
additional
product
offerings
for
specific

homeowner
segments
—
such
as
prospective
buyers,
retirees,
and
those
who
don’t
currently
qualify
for
traditional
mortgages
or

home
equity
lines
of
credit
(HELOCs).
Funds
will
also
be
allocated
toward
its
technology
platform
and
for
marketing
initiatives
in
new
markets.

Unlock’s
HEA
offers
homeowners
a
way
to
access
the
equity
in
their
home
without
a
traditional
installment
loan. 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.

“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,”
Luke
Doramus,
co-founder
and
managing
partner
of
D2
Asset
Management,
said
in
a
statement.