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Fintech Startup Landis Closes on $165M Fundraise to Help Americans Become HomeownersLandis, a startup that uses technology and data science to help renters reach homeownership, announced today the close of $165 million in debt and Series A equity financing. Led by Sequoia Capital (News - Alert), the Series A round also included participation from Arrive, a Roc Nation company, Will Smith's Dreamers VC as well as existing investor Signia Venture Partners. This latest funding brings Landis' total debt and equity raised to $182 million since the company's launch. Founded by Cyril Berdugo and Tom Petit, Landis is a social impact-driven company with a mission to guide renters on their unique path to purchasing a home. The company's technology helps Americans save money and build a stronger financial foundation through homeownership. The company also helps real estate agents nationwide as the agents who refer clients to Landis represent Landis when the company buys a home for the client. Landis' typical client is a prospective homeowner who is unable to get a mortgage due to credit, down payment savings or debt. Although they may not be mortgage-ready yet, Landis' dynamic underwriting technology can determine whether the client might qualify for a mortgage in the next 12-24 months. If so, Landis will make a bet on the client's success by giving them a budget to pick a property, which Landis then purchases. At that point, the client moves into the home as a renter and is assigned a Landis Coach to work on their mortgage-readiness. As soon as the client is ready for a mortgage, they buy the house from Landis and seamlessly transition from paying rent to paying their mortgage. To further democratize access to homeownership, the company also announced today that it has opened up access to its Landis Homeownership Coach mobile app to everyone with an iPhone (News - Alert). The free app provides its users with a dashboard view of credit, down payment savings and debt, alongside the specific goals they need to each to get a mortgage. The app also suggests actions that users can take to advance on their journey towards homeownership. By making the app free to anyone who is working towards a mortgage, Landis hopes to help more Americans achieve their homeownership dreams and build intergenerational wealth. "What makes Landis unique is our ability to coach anyone to homeownership. This new funding will allow us to help more Americans on their path to homeownership by expanding to new states, hiring talent nationwide and providing a better experience to our clients and partner agents and lenders," says Berdugo. "We understand that people can fall on tough times, but no one should be locked out of homeownership forever. Whatever their situation, we give our clients easy, achievable steps to become eligible for a mortgage. Getting ready for a mortgage is often a stressful and difficult process. Landis makes it easy, fun and approachable," says Petit. Roelof Botha, partner at Sequoia added, "Landis helps families take their first steps towards homeownership. By focusing on financial literacy and individualized coaching, Landis gives everyone the opportunity to own their home. Landis' technology is particularly relevant to those with low-to-moderate income who have been neglected by traditional financial solutions. We are proud to partner with the Landis team as they increase financial inclusion and equality in America." Finally, the company also partnered with celebrities, including Will Smith, in this funding round. "We are proud to have invested in Landis," says Will Smith, co-founder of Dreamers VC. "Landis is an innovative company that also has a social mission we are aligned with. We are excited to be part of a journey that helps Americans achieve homeownership through financial education." "We believe that Landis is determined to build a company that consumers can trust," says Neil Sirni, Co-founder and President of Arrive, Roc Nation's venture investment arm. "Our investment demonstrates our commitment to supporting Landis on their mission to make the path to homeownership more accessible, transparent and empowering." Several fintech founders also invested in the company, including those of Plaid, Cash App, and Ethos. The founders of Instacart, Front, Flatiron Health and Tango also joined the funding round. To learn more about Landis, please visit Landis.com. About Landis Technologies Landis helps people on their unique path to homeownership. The company allows its clients to rent the home of their dreams for up to 24 months and purchase it as soon as they are mortgage-ready. The Landis Homeownership Coaching App, which guides its users to mortgage-readiness, is available for free on the App Store for iPhone users. From their headquarters in New York City and offices across the US, the Landis team is proud to be using the latest technologies to have a direct impact on its clients' financial future. Backed by Sequoia Capital, Signia Venture Partners, Radical Ventures, Dreamers VC and Arrive, a subsidiary of Roc Nation, Landis is headquartered in New York City and operates in Alabama, Georgia, Indiana, Kentucky, North Carolina, Maryland, Ohio, South Carolina, Pennsylvania, Tennessee and West Virginia. For more information, visit www.landis.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210727005106/en/ |
