Homebot, a digital portal that empowers consumers to build wealth through homeownership, said Tuesday it has acquired Quo Finance, which developed a mobile app for first-time homebuyers.
Terms of the transaction were not disclosed.
As part of the acquisition, Quo’s staff, led by co-founders Tucker Haas and Neel Yerneni, will join Homebot’s staff, the company said.
Haas and Yemeni founded Quo in 2018 with the mission of making building wealth more equitable by simplifying the mortgage process and making homeownership accessible for everyone. Quo’s app helped first-time homebuyers get mortgage-ready by guiding them throughout the homebuying process — starting with qualifying for a loan.
“Ensuring that Quo was a success was extremely personal to me, and I’m incredibly proud of what we have accomplished at Quo over the last four years,” Haas said. “Growing up in a household that experienced financial hardship as a result of medical debt, I saw how broken the financial system was. It was incredibly difficult for my family to chart a path to homeownership and reap its wealth building potential.”
Haas said he and Neel founded Quo “to make finding that path to homeownership easier, especially for families who face similar financial hurdles. Partnering with Homebot guarantees that we will continue to build on our mission and empower millions towards their goals of home ownership and building wealth.”
Yemeni agreed. “We are thrilled to partner with one of the leaders in this space,” he said. “We knew that combining Homebot’s and Quo’s home education software made sense from a business perspective. Upon meeting the Homebot team, it only reinforced our conviction to join forces as both companies share the same mission and values and prioritize building beautiful customer experiences.”
Homebot CEO Charlie Pratt said acquiring Quo is a boost for his company.
“Quo will massively accelerate Homebot's mission to connect people to make informed homeownership decisions," he said. "Later this year, Homebot's customers will have the ability to offer a Homebot native mobile app to their millions of engaged clients and attract more first-time homebuyers to their pipelines. We're very impressed by the product and team that Tucker and Neel have built.”
In December 2021, Quo announced that it raised $7.2 million in seed funding, led by SignalFire, to further accelerate the development and growth of its mobile app. Since launching the homebuying app in June 2021, Quo’s users have amassed over $1.5 billion in homebuying power and are working toward purchasing $5 billion in homes, Homebot said.
Based in Denver, Homebot is an ASG company and a home education portal that keeps people connected to their home advisors (loan officers and real estate agents) to make informed decisions. ASG, backed by Alpine Investors, is a fast-growing software business that buys and builds market-leading vertical software-as-a-service (SaaS) companies.
