Residential real estate tech firm HomeLight has entered into a definitive agreement to acquire Accept.inc, a Denver-based fintech lender that gives homebuyers a way to submit all-cash offers on a home upon qualifying for a mortgage, in an all-stock transaction. With this acquisition, HomeLight will become the largest agent-focused cash offer program in the country, with $3 billion in referred transaction volume in Q1 2022 alone, the company said.
HomeLight has also 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 approximately $645 million to date 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. 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,” said Drew Uher, Founder and CEO of HomeLight. “That includes this acquisition. We’re thrilled to welcome the Accept team to the HomeLight family. 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.”
The acquisition and fundraise come on the heels of 500% year-over-year growth in transaction volume for HomeLight Cash Offer as of April 2022. With this acquisition, HomeLight will become not only the largest agent-focused cash offer platform in California and Colorado, but also in the entire country. HomeLight Cash Offer operates in California, Colorado, Arizona, Florida and Texas, and will expand into Accept.inc’s current markets in the coming months. The majority of the Accept.inc team is expected to 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,” said Adam Pollack, co-founder and CEO of Accept.inc. “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.”
This will be HomeLight’s third proptech acquisition since 2019. Most recently, HomeLight acquired Disclosures.io, an innovative provider of listing management tools, which formed the foundation of HomeLight Listing Management. Previously, HomeLight acquired Eave, a cutting-edge digital mortgage lender, to form HomeLight Home Loans.
