Originally published by FinSMEs on January 17, 2023
Splitero, a San Diego, CA-based financial technology company that provides homeowners with options to access their home equity, raised $11.7m in Series A funding.
The round was led by Fiat Ventures with participation from Gemini Ventures, Joint Effects, PBJ Capital, Permit Ventures, Dream Ventures, Goodwater Capital, Spark Growth Ventures, and Oyster Fund.
Led by Michael Gifford, Co-Founder and CEO, Splitero provides homeowners a 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.
“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.”
The company 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.