Hometap Secures $50m To Expand Homeowner Solutions

Boston-based fintech Hometap announced on Tuesday that it has raised $50 million in funding led by affiliates of Gallatin Point Capital.

Per a release, Hometap, which operates in 16 states and Washington, D.C., will use the funds to “accelerate the adoption of its homeowner-first products that help homeowners address life’s challenges and opportunities without adding to their monthly expenses.”

Hometap’s core home equity investment (HEI) product provides homeowners with cash upfront in exchange for a share of their home’s future value, offering a way to access equity without monthly payments.

“As the cost of homeownership rises, families need practical, flexible ways to access the value in their homes,” said Jeffrey Glass, CEO of Hometap. “This financing allows us to further invest in the tools, technology and education that help homeowners make confident financial decisions. It also reinforces our commitment to broadening home financing options that are aligned with the realities homeowners face today.”

Hometap’s funding follows recent operational milestones and continued strong homeowner satisfaction. Since its launch, the company has deployed more than $2.3 billion in home equity investments, serving over 22,000 homeowners.

“Today’s homeowners face not only the challenge of buying a home, but also the ongoing costs of maintaining it and navigating uncertain economic conditions,” said Matthew Botein, managing partner and co-founder of Gallatin Point Capital. “This investment reinforces Hometap’s leadership in delivering alternative home equity solutions and will help the company reach more people with innovative options that make homeownership more sustainable.”