Hometap has raised $50 million in new funding led by affiliates of Gallatin Point Capital, marking a significant step forward for the Boston-based fintech company as it works to expand access to flexible home equity financing options.
The investment will support Hometap’s efforts to accelerate the adoption of its homeowner-focused products, designed to help families access the value of their homes without taking on additional monthly payments.
The company’s core offering, a home equity investment product that provides cash today in exchange for a percentage of a home’s future value, continues to serve as the foundation of its long-term strategy. By eliminating monthly payments, Hometap aims to provide an alternative for homeowners navigating rising costs, elevated borrowing rates, and economic uncertainty. The company has positioned this financing model as a practical option for addressing financial challenges and pursuing opportunities during various stages of homeownership.
The funding comes as demand grows for tools that help homeowners manage affordability pressures and plan for the long term. Investors at Gallatin Point highlighted the market shifts that have increased the need for modern, adaptable home financing solutions. Hometap has achieved significant milestones in recent years, including deploying more than $2.3 billion in home equity investments to over 22,000 homeowners across the United States.
The company has also expanded its product suite with offerings such as the Home Equity Dashboard, a digital platform launched in 2022 to help homeowners make informed decisions throughout their ownership journey.
The new capital injection is expected to help Hometap scale its technology, broaden its product capabilities, and reach more homeowners seeking alternatives to traditional lending.
KEY QUOTES:
“As the cost of homeownership rises, families need practical, flexible ways to access the value in their homes. This financing allows us to further invest in the tools, technology, and education that help homeowners make confident financial decisions. It also reinforces our commitment to broadening home financing options that are aligned with the realities homeowners face today.”
Jeffrey Glass, CEO of Hometap
“Today’s homeowners face not only the challenge of buying a home, but also the ongoing costs of maintaining it and navigating uncertain economic conditions. This investment reinforces Hometap’s leadership in delivering alternative home equity solutions and will help the company reach more people with innovative options that make homeownership more sustainable.”
Matthew Botein, Managing Partner and Co-Founder of Gallatin Point Capital
