Backflip, an all-in-one real estate and fintech platform for fix-and-flip investors, announced its nationwide expansion to 41 new U.S. markets. First-time and experienced residential real estate investors from Alaska to Hawaii can now leverage Backflip’s data, technology, and capital to make better real estate investment decisions and quickly fund the rejuvenation of America’s 65 million aging homes. Alongside expanding nationwide, Backflip has completed its first acquisition as a seed-stage startup.
“We have experienced tremendous growth since launching in Texas in 2021. We’re thrilled to expand our real estate technology and financial services nearly nationwide so every real estate entrepreneur has access to what they need to up-level their business operations and contribute to a healthier housing market,” said Josh Ernst, founder and CEO of Backflip.
Backflip has grown three times year-over-year, against a real estate market backdrop that has declined by 50% as a result of interest rate hikes in 2022. Membership continues to grow by more than 15% month-over-month. As of May 2023, its members are analyzing over $2 billion worth of single-family residential investments per month using the Backflip app, the company reported. This momentum has enabled the company to spearhead a product roadmap that includes launching a computer vision and machine learning feature for members to instantly analyze a property by holding up their phone camera; capital products like Buy Now Pay Later, flexible mezzanine products and capitalized interest structures and the launch of new features like “My Leads” to more easily assess properties, which will be available to members later this year.
The company also announced that Leslie Jordan has joined Backflip as its first chief product officer (CPO). As a former CPO at Realtor.com, Leslie brings over 20 years of product leadership and industry-specific subject-matter expertise to Backflip. In her new role, she is responsible for the product, engineering, and design teams’ strategy and execution, and will contribute across all of Backflip’s user experience teams.
Additionally, Backflip acquired Refinably, an Austin, Texas-based startup that empowered companies and their employees to work more efficiently across tools and eliminate workflow issues.
