![]() ![]() ![]() The company already witnessed an explosive year in 2021 as the number of customers applying for loans through the Acorn Finance platform and Acorn’s revenue grew by 800%. The proptech also plans to slash application time in half, and improve its algorithms to help borrowers choose the right offer based on specific criteria including location, how quickly they need the money, the type of project and their credit risk.Īccording to Giri Addanki, CEO and founder of Acorn Finance, the raise will also allow Acorn to double its headcount. Its latest funding round will allow Acorn to expand the number of lenders in its marketplace by including regional banks and credit unions and process loans almost instantaneously instead of next day. However, Acorn makes a fee from the lenders who make loans through the platform itself. Acorn can offer loans for as little as $500 and as much as $500,000 – so whether landlords need repairs on an old fridge or want to attach an entirely new garage, financing options are available to homeowners, home investors and contractors.Īcorn doesn’t do the actual lending of course, this is left to the financial institutions it works with. Launched in 2018, Acorn (not to be confused with investing app Acorns) operates both a business-to-consumer and business-to-business model where it works with contractors who do home improvement work. Moderne Ventures and previous investors Vestigo Ventures, Accomplice and MetaProp also participated in Tuesday’s round, bringing the proptech’s total funding to $12.4 million.įresh capital in the bank, Acorn has big plans for its marketplace technology. Acorn Finance a technology platform that connects users with home equity loan offers from financial institutions for home improvements, raised a $8.4 million Series A fund led by MassMutual Ventures. ![]()
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