Home equity deal company Unlock completes $30 million Series B round

Fintech with equity Unlock technologies has secured a Series B funding round, including a $30 million investment D2 Asset management. D2 also made a $250 million capital commitment to Unlock to support originations.

Also participating in the Series B round were Saluda degree, Enterprises of the second century And RANGEthe venture and technology subsidiary of the National Association of Real Estate Agents (NAR).

Unlock, a provider of Home Equity Agreement (HEA) contracts, claims it has experienced a 98% year-on-year growth in the number of homeowners choosing its product. The company said this reflects the “macro need” for versatile financial products among existing homeowners.

“This financing validates our vision to democratize home equity and empower homeowners to achieve their financial goals,” Unlock CEO Jim Riccitelli said in a prepared statement. “With this capital, we will accelerate our growth and continue to develop innovative solutions that unlock the true value of homeownership.”

The financing will be used to expand Unlock’s growth strategy, with additional product offerings for specific segments of homeowners, such as potential buyers, retirees and those who do not currently qualify for traditional mortgages or home equity lines of credit (HELOCs). Funds will also be allocated to the technology platform and marketing initiatives in new markets.

Unlock’s HEA offers homeowners a way to access the equity in their home without a traditional installment loan. Homeowners can receive a lump sum of cash in exchange for a share of the future value of their home. There are no monthly payments, interest rates or the need to refinance.

“The home equity deal has the potential to revolutionize the way homeowners can tap into their home equity, and we are excited to make a major commitment to support the Unlock team in expanding their company,” said Luke Doramus, co-founder and managing partner of D2 Asset Management, according to a statement.

Unlock is currently available in 14 states, with immediate plans to expand its reach and serve more homeowners across the country.