Mortgage News April 3, 2023
Homebot, a leading home education portal for smart home finance decisions, has announced its acquisition of Quo Finance, a mobile app that helps first-time homebuyers achieve their homeownership dreams and begin building wealth. As a result of the acquisition, Homebot will welcome Quo’s team, including co-founders Tucker Haas and Neel Yerneni, to its team.
Founded in 2018, Quo’s mission was to simplify the mortgage process and make homeownership accessible to everyone, especially families facing financial hurdles. The app guided first-time homebuyers through the home-buying process, starting with the task of qualifying for a loan. Quo’s customers have already amassed over $1.5 billion in home buying power and are working towards purchasing $5 billion in homes.
According to Charlie Pratt, Homebot’s CEO, the acquisition of Quo is expected to significantly enhance Homebot’s efforts in connecting people and facilitating informed decisions related to homeownership. Pratt further revealed that Homebot’s clients will soon have the opportunity to provide their millions of engaged customers with a native mobile app, aimed at attracting more first-time homebuyers to their pipelines.
Quo’s co-founders expressed excitement about partnering with Homebot, with Yerneni stating that the two companies share the same mission and values and prioritize building beautiful customer experiences. Haas emphasized how personal the success of Quo was to him, as he had seen firsthand the difficulties his family faced in charting a path to homeownership and reaping its wealth-building potential due to financial hardship caused by medical debt.
Quo secured $7.2 million in seed funding in December 2021, which was led by SignalFire. The funding was intended to support the mobile app’s continued development and growth. While the terms of the acquisition remain undisclosed, it is worth noting that Sandfox Advisors and Goodwin Procter LLP served as financial and legal advisors to Quo, respectively, while Willkie Farr & Gallagher LLP provided legal counsel to Homebot.
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