Unlock Technologies – a leading fintech company transforming the homeownership experience – announced a significant strategic partnership with D2 Asset Management (D2). This agreement includes a $30 million Series B equity investment in Unlock and a $250 million capital commitment from D2 to support Unlock’s origination growth. Also joining Series B were Saluda Grade, Second Century Ventures, and REACH, the venture and tech growth arm of the National Association of REALTORS.
This funding round comes during a major growth period for Unlock. And the company has experienced a staggering 98% year-over-year growth in homeowners choosing its innovative home equity agreement (HEA). This surge in demand reflects the increasing macro need for flexible and accessible financial products that utilize the value of homeownership.
The funding will be used to execute Unlock’s growth strategy, centered around three major initiatives:
1.) Expanded Product Offerings—Unlock plans to introduce a suite of innovative home equity solutions designed to meet homeowners’ evolving needs. This expansion will include tailored products for specific homeowner segments, like prospective homebuyers, retirees, and those who do not qualify for traditional mortgages and home equity lines of credit. By diversifying its product offerings, Unlock aims to become the go-to platform for homeowners seeking flexible and accessible home equity solutions.
2.) Enhanced Technology Platform – Utilizing the new funding, Unlock will significantly invest in its technology platform to deliver an unparalleled customer experience. This includes automating key processes, streamlining the homeowner journey and enhancing efficiency. Additionally, Unlock will focus on developing advanced data analytics capabilities to gain deeper insights into customer behavior and preferences, enabling the company to offer personalized recommendations and support.
3.) Nationwide Expansion – Building on its successful track record, Unlock is poised for rapid nationwide expansion. The company will strategically invest in marketing and brand awareness initiatives to establish a strong presence in new markets. By expanding its footprint, Unlock aims to reach a broader audience of homeowners and make its innovative home equity solutions accessible to more people across the country. This expansion will be supported by robust infrastructure, operational enhancements to ensure seamless service delivery in new regions, and continued adherence to applicable regulatory requirements.
Unlock’s HEA offers homeowners a meaningful way to access equity in their home without the burdens of traditional loans. And 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.
An HEA offers homeowners with financial flexibility to address a variety of needs, such as home renovations, debt consolidation or funding major life events. Homeowners can unlock the potential of their home equity and achieve their financial goals without compromising their long-term financial stability. And Unlock is currently available in 14 states, with immediate plans to expand its reach to serve more homeowners nationwide.
KEY QUOTES:
“We are thrilled to have the support of this group of investors. This funding validates our vision of democratizing home equity and empowering homeowners to achieve their financial goals. With this capital, we will accelerate our growth and continue to develop innovative solutions that unlock the true value of homeownership.”
-Jim Riccitelli, CEO of Unlock
“Unlock has exhibited exceptional leadership in creating innovative solutions to address critical challenges in today’s housing market. 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
