Real estate technology platform HomeLight entered an agreement to acquire Denver-based fintech lender Accept.inc, which offers homebuyers a way to submit all-cash offers on a home, upon qualifying for a mortgage, in an all-stock transaction. Financial terms were not disclosed.
With the acquisition, HomeLight will become the largest agent-focused cash offer program in the country, according to the company, with $3 billion in referred transaction volume in the first quarter of 2022.
“We’re thrilled to welcome the Accept team to the HomeLight family,” HomeLight founder and CEO Drew Uher said in a release. “We share the vision that all offers in real estate will eventually become cash offers and are committed to delivering the power of contingency-free transactions to top agents and their clients across the country.”
HomeLight Cash Offer operates in California, Colorado, Arizona, Florida and Texas and will expand into Accept.inc’s markets in the coming months. The entire Accept.inc team will take on new roles within HomeLight.
“We founded Accept.inc to put a cash offer on every home and level the homebuying playing field for all,” co-founder and CEO Adam Pollack said. “We’re incredibly proud of the progress we’ve made and are excited to join HomeLight to continue our mission, while leveraging the incredible HomeLight platform and agent community to expand our breadth and products to top agents nationwide.”
HomeLight also has raised $115 million in additional capital, including $60 million of Series D equity and $55 million of debt financing, to fund operations. The transaction brings HomeLight’s total funding to about $645 million and its valuation to $1.7 billion.
“In a time period with so much volatility in the capital markets, our business is stronger than ever,” Uher said. “This financing round is a testament to our growth and the future potential of our business, and it’s enabled us to go on the offensive during uncertain times. That includes this acquisition.”
This is HomeLight’s third acquisition of a proptech company since 2019. Most recently, HomeLight acquired Disclosures.io, a provider of listing management tools, which formed the foundation of HomeLight Listing Management. Before that, HomeLight acquired Eave, a digital mortgage lender, to form HomeLight Home Loans.