The fintech startup Ribbon announced on Tuesday that it raised $75 million in Series C funding and $75 million in working capital.
Through its platform, Ribbon provides borrowers with upfront financing to make all-cash offers on home listings. The fintech aims to strengthen consumer bids against those from real estate developers and investors.
“If the consumer loses, agents and lenders lose,” Wei Gan, Ribbon CTO and co-founder, told NMN. “The housing market has shifted dramatically over the past year as a response to the global pandemic.
Ribbon will use the new funds to increase its annual transaction volume to $10 billion and become available in half the U.S. by 2023, according to Gan. Currently, Ribbon is authorized in Florida, Georgia, North Carolina, South Carolina, Tennessee and Texas.
Greenspring Associates led the latest investment and its partner Seyonne Kang will serve as a board observer to Ribbon as part of the terms. Other investors include Greylock, Bain Capital Ventures, NFX, Nyca, Thomvest, Stone Bridge Ventures’ Jake Seid, First American Financial, Waterfall Asset Management, TriplePoint Capital, 75 & Sunny Ventures, Roofstock’s Gary Beasley, 1Sharpe Capital’s Gregor Watson, and Side’s Guy Gal.
With the $150 million in tow, Ribbon secured $625 million in total funding, according to company documents.