“They get their equity back if they just tell us this isn’t working for them. We will apply on their behalf for rental assistance,” she said. “If someone falls behind on payments, we try to find a flexible solution. Those who fall behind can get their equity back, Hefets said in an interview with Inc. Customers chip an initial 1 percent to 2 percent of the home’s value, and can then build their equity up to 10 percent. “There aren’t many options for those who can’t.”ĭivvy buys homes on behalf of customers, who sign a three-year lease on the property. “There are people who can get a mortgage and folks who can’t,” Hefets said. Many of its customers are health-care workers, teachers and independent contractors. “We’re starting to build out services an end-to-end customer experience,” said co-founder and CEO Adena Hefets.ĭivvy’s valuation was not disclosed, but the round brings its total funding to $500 million in debt and equity.įounded in 2017, Divvy bills itself as a way to bridge the gap that aspiring home buyers struggle to cross. The Series C was led by Tiger Global Management with participation from GGV Capital, Moore Specialty Credit, JAWS Ventures and others.Īccording to Divvy, the infusion of cash will accelerate its geographic expansion and support the launch of new products, including brokerage and title insurance. 2, 8 p.m.: Rent-to-own startup Divvy Homes has raised $110 million to meet a wave of demand from customers who cannot secure a traditional mortgage.
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