Tongo was founded to address the financial challenges faced by self-employed professionals, particularly real estate agents, within the growing commission-based economy. Traditional banking systems, designed for salaried workers, often leave these professionals without the tools needed for financial stability and wellness. Tongo bridges this gap with innovative financial products and a platform tailored to the unique needs of the commission economy.
Central to Tongo’s offerings is its recently launched Financial Benefits Platform, a payroll solution designed in collaboration with real estate brokerages. This platform automates commission distributions to agents’ connected accounts, such as savings, retirement and investment, while also providing early access to pending commissions. By integrating tools like a tax calculator and options to create high-yield savings and retirement accounts, Tongo equips agents with a comprehensive financial toolkit to manage their income effectively.
Tongo also offers a commission-backed line of credit (CLOC), allowing agents to access up to 75% of their commissions up to 60 days early. Unlike traditional commission advances, Tongo’s CLOC is competitively priced, with repayment tied to transaction closings. With over 40% of real estate agents nationwide on its platform and partnerships with leading brokerages like Douglas Elliman and RE/MAX, Tongo empowers agents to achieve financial flexibility and grow their businesses.
Company Website:
Markets Served:
Real Estate Sales
Company HQ:
Brooklyn, NY
