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Fintech Startup Landis Raises $165M In Series A Funding

Navi Persaud
Jul 28, 2021

Landis, a startup that uses technology and data science to help renters reach homeownership, closed $165 million in debt and Series A equity financing.

Landis, a startup that uses technology and data science to help renters reach homeownership, closed $165 million in debt and Series A equity financing. The latest round of funding was led by Sequoia Capital, the Series A round also included participation from Arrive, a Roc Nation company, Will Smith’s Dreamers VC as well as existing investor Signia Venture Partners. This latest funding brings Landis’ total debt and equity raised to $182 million since the company’s launch.

Landis’ typical client is a prospective homeowner who is unable to get a mortgage due to credit, down payment savings or debt. Although they may not be mortgage-ready yet, Landis’ dynamic underwriting technology can determine whether the client might qualify for a mortgage in the next 12-24 months, according to a press release. If so, Landis will make a bet on the client’s success by giving them a budget to pick a property, which Landis then purchases. At that point, the client moves into the home as a renter and is assigned a Landis Coach to work on their mortgage-readiness. As soon as the client is ready for a mortgage, they buy the house from Landis and seamlessly transition from paying rent to paying their mortgage.

The company also announced that it has opened up access to its Landis Homeownership Coach mobile app to everyone with an iPhone. The app provides its users with a dashboard view of credit, down payment savings and debt, alongside the specific goals they need to reach to get a mortgage. The app also suggests actions that users can take to advance on their journey towards homeownership.

“What makes Landis unique is our ability to coach anyone to homeownership. This new funding will allow us to help more Americans on their path to homeownership by expanding to new states, hiring talent nationwide and providing a better experience to our clients and partner agents and lenders,” said Cyril Berdugo, co-founder of Landis.

“Landis helps families take their first steps towards homeownership. By focusing on financial literacy and individualized coaching, Landis gives everyone the opportunity to own their home. Landis’ technology is particularly relevant to those with low-to-moderate income who have been neglected by traditional financial solutions,” said Roelof Botha, partner at Sequoia.

“Landis is an innovative company that also has a social mission we are aligned with. We are excited to be part of a journey that helps Americans achieve homeownership through financial education,” added Will Smith, co-founder of Dreamers VC.

Published
Jul 28, 2021
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