Homebot, a home education portal that keeps people connected to their loan officers and real estate agents, acquired Quo Finance, a mobile app for first-time homebuyers.
“Quo will massively accelerate Homebot’s mission to connect people to make informed homeownership decisions,” Charlie Pratt, CEO of Homebot, said in a statement.
Quo’s team, led by co-founders Tucker Hass and Neel Yerneni, will join Homebot. Terms of the transaction were not disclosed.
Quo was founded in 2018 with the mission of “making building wealth more equitable by simplifying the mortgage process and making homeownership accessible for everyone,” according to the firm.
“Later this year, Homebot’s customers will have the ability to offer a Homebot native mobile app to their millions of engaged clients and attract more first time homebuyers to their pipelines,” Yerneni said.
Quo raised $7.2 million in seed funding, led by SignalFire in December 2021 to develop the mobile app.
Since launching their app in June 2021, Quo’s users have amassed over $1.5 billion in home buying power and are working toward buying $5 billion in homes, the company said.
Homebot was co-founded by Ernie Graham and Ira McMahon in 2015 with a vision to help people make smart financial decisions with their homes. Since launching its first production product in 2016, the company has grown to a size of 120 employees.
With an average of 50% monthly engagement rate with users, Homebot delivers personalized and actionable intelligence throughout the entire homeownership lifecycle, according to the Denver-based firm.
Sandfox Advisors served as financial advisor and Goodwin Procter LLP acted as legal counsel to Quo.
Correction: An earlier version of this story misstated the number of employees. It is currently about 120.
