US proptech HomeLight is to acquire Denver-based fintech lender accepting for an undisclosed sum following a $115 million raise which values the company at $1.7 billion.
Based in San Francisco, HomeLight is a real estate platform where users can buy or sell homes.
The acquisition of Accept, an iLender or “technology-enabled lender”, which gives homeowners the opportunity to submit all-cash offers on a home, will make HomeLight the largest agent-focused cash offer program in the country, with $3 billion in referred transaction volume in Q1 2022 alone.
HomeLight founder and CEO Drew Uher says: “In a time period with so much volatility in the capital markets, our business is stronger than ever.
“This financing round is a testament to our growth and the future potential of our business, and it’s enabled us to go on the offensive during uncertain times.”
The $115 million raise includes $60 million in equity through a Series D round and $55 million of debt financing. The latest funding brings HomeLight’s total funding to date to approximately $645 million.
Both the Accept acquisition and fundraise follow substantial growth for the company, which claims a 500% year-on-year growth in transaction volume as of April 2022.
The acquisiton will see the entire Accept team take on new roles within HomeLight as the newly formed conglomerate will expand into Accept’s current markets over the coming months.
On the acquisition, Uher says: “We share the vision with Accept that all offers in real estate will eventually become cash offers and we are committed to delivering the power of contingency-free transactions to top agents and their clients across the country.”
HomeLight says that, based on purchases closed in 2021, offers through HomeLight Cash Offer are three times more likely to win versus traditional offers.