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The Gen Z and Millennial home finance platform, Lower, with 16,000 reviews averaging five stars, raised $100 million in a Series A funding round, led by venture capital firm Accel. This marks the largest fintech company to raise Series A funding, surpassing millions of dollars, and the largest ever Series A round raised by an Ohio company.
Lower’s mission is to simplify the daunting task of refinancing or purchasing a mortgage. Consumers can either go online or download the app as a one-stop shop to save for a home, get a mortgage, and browse through the insurance marketplace. Those who prefer to work with a local realtor can utilize their channel partner network and its expert advisors.
Co-founder and CEO Dan Snyder, said, “My co-founders and I started this company because we saw a need in this industry to make the process easier for consumers. We're all actively involved in growing the company and knew the next stage of our journey would be accelerated by bringing in a top firm like Accel.”
Additionally, Accel’s partner, John Locke, is joining Lower’s board of directors.
"Dan and the Lower team have quietly created one of the most interesting fintech companies in the U.S. Lower has a unique opportunity to break down barriers to homeownership. They have an established growth trajectory, with over $300M in revenue. We are excited to partner with them as they continue this journey,” Locke said.
The funding announcement followed Lower’s launch of their mobile app featuring a first-of-its-kind deposit account called HomeFund. The FDIC-insured deposit account offers a 0.75% Annual Percentage Yield, designed to help consumers save for a home with a dollar-for-dollar match in HomeCash rewards up to the first $1000 saved.
"More investment means faster growth and more impact,” Synder added. “Homeownership is the greatest wealth creator for Americans and Accel's history of supporting bootstrap companies and their investment means we can help more people achieve it faster.”
The Lower company is located in Columbus, Ohio, and is actively hiring. For more information about Lower, the equal housing lender, visit www.lower.com.