Quo finance, the FinTech startup that offers a faster path to homeownership, has raised $7.2m in a seed funding round led by SignalFire, a report by Coverager has revealed.
Also participating in the round was Justin Mateen and current investors Soma Capital, Global Founders Capital, amongst others.
Founded in 2018, Quo analyses consumers’ credit, debt, income, savings, and more to help them prepare for applying for a mortgage.
The free Quo app connects to banking and credit card accounts to find mortgage-specific issues that can prevent a person from getting a mortgage. The app then recommends different action tailored to the consumer. Users can also access information about down payments, closing costs, and loan reserves, as well as comparing loan programmes to see which one offers the optimal option in terms of buying power and chances to qualify.
Tucker Haas, CEO and co-founder of Quo, said, “Having grown up in a low-income household, I had firsthand experience with a broken financial system. Quo is our way of driving at the mission of making building wealth more equitable.
“Since launching the Beta in June, our members now manage over $21m in home savings with Quo and are building towards almost half a billion dollars in homes. With our $7.2m in funding led by SignalFire, we’re proving there’s a more aligned and accessible way to approach this industry.”
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