Ribbon Cash Offer Financing Platform Raises $ 150 Million

Fintech startup Ribbon announced Tuesday that it raised $ 75 million in Series C funding and $ 75 million in working capital.

Through its platform, Ribbon offers borrowers advance financing to place cash offers on home listings. The fintech aims to strengthen consumer offerings against those of real estate developers and investors.

Across the countryInvestors make up a larger portion of single-family home buyers. In the second quarter, investor purchases and volume of dollars spent in the sector they were more than double than in the same period of the previous year, according to a study by Redfin.

“If the consumer loses, the agents and the lenders lose,” Wei Gan, Ribbon’s CTO and co-founder, told NMN. “The housing market has changed dramatically over the past year in response to the global pandemic. The demand has skyrocketed, meaning also the prices. Cash offers, as a result, are outpacing mortgages four times. Ribbon upgrades the lender’s mortgage to a cash offer. “

Ribbon will use the new funds to increase its annual transaction volume to $ 10 billion and will be available in half the US by 2023, according to Gan. Ribbon is currently licensed in Florida, Georgia, North Carolina, South Carolina, Tennessee, and Texas.

Greenspring Associates led the latest investment and partner Seyonne Kang will serve as an observer to the Ribbon board as part of the terms. Other investors include Greylock, Bain Capital Ventures, NFX, Nyca, Thomvest, Jake Seid of Stone Bridge Ventures, First American Financial, Waterfall Asset Management, TriplePoint Capital, 75 & Sunny Ventures, Gary Beasley of Roofstock, Gregor Watson of 1Sharpe Capital and Side’s Guy Gallon.

With the $ 150 million in tow, Ribbon secured $ 625 million in total funding, according to company documents.

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