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Digital mortage lender Accept.inc raises $90 million in debt and equity

Source: Accept.inc

Accept.inc, a pioneering fintech mortgage lender bringing all cash offers to residential real estate, today announced it has raised $90 million in debt and equity, with lead participation from Signal Fire, as well as existing seed investors Y Combinator and DN Capital.

Funding will go towards scaling the company's platform to meet burgeoning demand, doubling its team and entering new markets. This growth is all in service of Accept.inc’s mission to accelerate access to homeownership by enabling an all-cash offer on every home.

Just as the “iBuyer” trend gained ground in the digital transformation of real estate, Accept.inc is declaring itself as the first iLender, a technology-enabled lender that empowers buyers who qualify for a mortgage to submit all-cash offers on a home at no additional cost. Accept.inc sets itself apart with its truly frictionless cash offers achieved by innovating around risks that others aren’t willing to take. Accept.inc’s business model allows every player in the ecosystem to benefit without extra costs or hidden agendas, in support of its goal to level the playing field for homebuyers.

“The pandemic has fundamentally changed the meaning and importance of ‘home’" said Adam Pollack, CEO & Co-founder of Accept.inc. “Yet the current system dramatically favors wealthy individuals and investors who can offer sellers the speed and certainty of a cash offer. Accept.inc has built a cash offer product for anyone who qualifies for a mortgage, ensuring no one is locked out of the best homes, school districts, or neighborhoods just because they don’t have hundreds of thousands in their bank account to make a cash offer.”

Cash offers level the playing field by bringing speed and certainty to the transaction. Buyers using Accept.inc win 6-7 times more frequently. Sellers and listing agents know that when they accept an Accept.inc cash offer they close guaranteed on their timeline, as opposed to waiting a month and half/47 days to know if the buyer's financing is actually going to close. This also means sellers are free to buy their next home. In a world where agents are increasingly disenfranchised, Accept.inc has been enthusiastically embraced by top agents as a superpower for fast, guaranteed closings, in contrast to the unreliability and precarity of pre-approval letters favored by the industry incumbents.

“It’s a total no-brainer to use Accept.inc, because everyone wins,” said Madison Kissel, an agent at Compass who has already completed ten closings using all-cash offers from Accept.inc. “My buyer gets to be a cash buyer and the seller and listing agent know it’s a done deal. This is all at the cost of a mortgage that my buyer needs anyway. I was skeptical at first, but it’s understandable now that Accept.inc is spreading like wildfire.”

Since its inception in 2016, Accept.inc has established a firm foothold in the greater Denver market, where it is headquartered. There, the company has seen 1,000 percent growth in demand and helped thousands of buyers, agents and sellers close on hundreds of millions of dollars in homes.

“Accept.inc has an unstoppable team that refuses to accept the status quo,” said Chris Scoggins, Partner at Signalfire, who led the round. “The difference with Accept.inc is that they focus on winning the home, not just servicing the loan, with a business model that’s 10x more capital-efficient than other players in the market. We see an enormous opportunity for Accept.inc to become the backbone of the future of mortgage lending.”

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