Splitero's Bold Move: $350 Million to Empower Homeowners
December 10, 2024, 9:32 pm
Location: United States, California, San Diego
Employees: 11-50
Founded date: 2021
Total raised: $667.8M
In a world where financial pressures loom large, Splitero emerges as a beacon of hope. The San Diego-based fintech company has secured a staggering $350 million capital commitment from Blue Owl Managed Funds. This infusion of cash is not just a number; it represents a lifeline for homeowners grappling with rising costs and mounting debt.
Splitero specializes in home equity investments. Think of it as a bridge over troubled waters. Homeowners can access their home equity without the burden of monthly payments or new debt. Instead of traditional loans, Splitero offers a lump sum of cash in exchange for a share of the home’s future value. It’s a refreshing approach in a landscape often dominated by rigid financial products.
The timing of this funding is crucial. Consumer debt is at an all-time high. The cost of living continues to climb, leaving many homeowners feeling trapped. Splitero’s innovative model allows them to tap into their home equity without the usual strings attached. It’s like finding a hidden door in a wall that seemed solid.
With this new capital, Splitero plans to expand its reach. Currently, it operates in states like Arizona, California, Colorado, Oregon, Utah, and Washington. Now, it’s setting its sights on Tennessee and Virginia. This expansion is not just about geography; it’s about providing more homeowners with options. It’s about empowerment.
The company’s founder and CEO, Michael Gifford, sees this partnership with Blue Owl as a natural alignment with Splitero’s mission. The goal is clear: to help homeowners secure their financial futures. It’s a noble pursuit in a time when many feel their options are dwindling.
The statistics are staggering. At the end of the third quarter of 2024, U.S. mortgage holders held a whopping $17.2 trillion in equity. Of that, $11.2 trillion is considered “tappable.” This means there’s a vast reservoir of potential that companies like Splitero can help unlock. In the first nine months of the year, homeowners withdrew $48 billion in equity, marking the largest volume in two years. The demand is there, and Splitero is poised to meet it.
What sets Splitero apart? Its unique approach to home equity investment. Homeowners can receive up to $500,000 without income or credit-score requirements. This is a game-changer. Traditional lenders often impose strict criteria, leaving many homeowners out in the cold. Splitero’s model is like a warm blanket on a chilly night.
In October 2023, Splitero launched its real estate brokerage, Splitero Homes. This move was strategic. It allows the company to serve home sellers who are already clients. It’s a seamless integration of services, providing a one-stop shop for homeowners looking to navigate the complexities of real estate and finance.
The partnership with Blue Owl is more than just financial backing. It’s a validation of Splitero’s vision. Blue Owl’s alternative credit strategy funds will purchase up to $350 million of home equity investments. This collaboration is a testament to the growing recognition of alternative financing solutions in the market.
As the financial landscape evolves, so do the needs of homeowners. Traditional banks are often slow to adapt, leaving a gap that fintech companies like Splitero are eager to fill. They are the agile players in a game dominated by giants. They understand the pulse of the market and respond with innovative solutions.
The road ahead is promising. With the new funding, Splitero can enhance its technology, streamline its processes, and reach more homeowners. It’s about building a robust infrastructure that can support growth while maintaining a focus on customer experience.
In a time when financial literacy is crucial, Splitero also has an opportunity to educate homeowners. Many are unaware of the options available to them. By providing clear information and guidance, Splitero can empower homeowners to make informed decisions about their financial futures.
The partnership with Blue Owl is a strategic move that positions Splitero for success. It’s a collaboration that brings together expertise and resources. Together, they can create a powerful force in the fintech space, driving innovation and expanding access to capital.
In conclusion, Splitero’s $350 million capital commitment from Blue Owl Managed Funds is more than just a financial transaction. It’s a commitment to empowering homeowners. It’s about unlocking potential and providing options in a challenging economic landscape. As Splitero expands its reach and enhances its offerings, it stands ready to change the narrative for homeowners across the country. The future looks bright, and the possibilities are endless.
Splitero specializes in home equity investments. Think of it as a bridge over troubled waters. Homeowners can access their home equity without the burden of monthly payments or new debt. Instead of traditional loans, Splitero offers a lump sum of cash in exchange for a share of the home’s future value. It’s a refreshing approach in a landscape often dominated by rigid financial products.
The timing of this funding is crucial. Consumer debt is at an all-time high. The cost of living continues to climb, leaving many homeowners feeling trapped. Splitero’s innovative model allows them to tap into their home equity without the usual strings attached. It’s like finding a hidden door in a wall that seemed solid.
With this new capital, Splitero plans to expand its reach. Currently, it operates in states like Arizona, California, Colorado, Oregon, Utah, and Washington. Now, it’s setting its sights on Tennessee and Virginia. This expansion is not just about geography; it’s about providing more homeowners with options. It’s about empowerment.
The company’s founder and CEO, Michael Gifford, sees this partnership with Blue Owl as a natural alignment with Splitero’s mission. The goal is clear: to help homeowners secure their financial futures. It’s a noble pursuit in a time when many feel their options are dwindling.
The statistics are staggering. At the end of the third quarter of 2024, U.S. mortgage holders held a whopping $17.2 trillion in equity. Of that, $11.2 trillion is considered “tappable.” This means there’s a vast reservoir of potential that companies like Splitero can help unlock. In the first nine months of the year, homeowners withdrew $48 billion in equity, marking the largest volume in two years. The demand is there, and Splitero is poised to meet it.
What sets Splitero apart? Its unique approach to home equity investment. Homeowners can receive up to $500,000 without income or credit-score requirements. This is a game-changer. Traditional lenders often impose strict criteria, leaving many homeowners out in the cold. Splitero’s model is like a warm blanket on a chilly night.
In October 2023, Splitero launched its real estate brokerage, Splitero Homes. This move was strategic. It allows the company to serve home sellers who are already clients. It’s a seamless integration of services, providing a one-stop shop for homeowners looking to navigate the complexities of real estate and finance.
The partnership with Blue Owl is more than just financial backing. It’s a validation of Splitero’s vision. Blue Owl’s alternative credit strategy funds will purchase up to $350 million of home equity investments. This collaboration is a testament to the growing recognition of alternative financing solutions in the market.
As the financial landscape evolves, so do the needs of homeowners. Traditional banks are often slow to adapt, leaving a gap that fintech companies like Splitero are eager to fill. They are the agile players in a game dominated by giants. They understand the pulse of the market and respond with innovative solutions.
The road ahead is promising. With the new funding, Splitero can enhance its technology, streamline its processes, and reach more homeowners. It’s about building a robust infrastructure that can support growth while maintaining a focus on customer experience.
In a time when financial literacy is crucial, Splitero also has an opportunity to educate homeowners. Many are unaware of the options available to them. By providing clear information and guidance, Splitero can empower homeowners to make informed decisions about their financial futures.
The partnership with Blue Owl is a strategic move that positions Splitero for success. It’s a collaboration that brings together expertise and resources. Together, they can create a powerful force in the fintech space, driving innovation and expanding access to capital.
In conclusion, Splitero’s $350 million capital commitment from Blue Owl Managed Funds is more than just a financial transaction. It’s a commitment to empowering homeowners. It’s about unlocking potential and providing options in a challenging economic landscape. As Splitero expands its reach and enhances its offerings, it stands ready to change the narrative for homeowners across the country. The future looks bright, and the possibilities are endless.