Homebot, a finance portal designed to facilitate ongoing communication between customers and lenders, acquired Menlo Park-California-based Quo Finance, a mobile app that provides financial guidance for first-time home buyers.
The partnership will merge both platforms together and will expand Homebot's database of users, potentially increasing return business for real estate agents and lenders that use the Colorado-based company's product. Details of the acquisition were not disclosed.
"Quo will massively accelerate Homebot's mission to connect people to make informed homeownership decisions," said Charlie Pratt, CEO of Homebot, in a written statement."Later this year, Homebot's customers will have the ability to offer a Homebot native mobile app to their millions of engaged clients and attract more first time homebuyers to their pipelines."
Quo's app, which was founded
Since the launch of the home buying app, Quo's users have amassed over $1.5 billion in home buying power and are working towards purchasing $5 billion in homes, a press release published by the company claims.
As part of the acquisition, Quo's team, led by co-founders Tucker Haas and Neel Yerneni will join Homebot.
"Ensuring that Quo was a success was extremely personal to me, and I'm incredibly proud of what we have accomplished at Quo over the last four years," said Haas, co-founder of Quo, in a written statement."Growing up in a household that experienced financial hardship as a result of medical debt, I saw how broken the financial system was. We founded Quo to make finding that path to homeownership easier, especially for families who face similar financial hurdles."
"Partnering with Homebot guarantees that we will continue to build on our mission and empower millions towards their goals of home ownership and building wealth," he added.
Homebot's platform, which has been publicly endorsed by lenders and real estate brokerages, including Planet Home Lending, Fairway Independent Corporation, and Berkshire Hathaway, allows for loan officers and real estate agents to retain visibility with past and present clients in hopes of getting repeat business down the road.
The Colorado-based platform, owned by software company ASG, " delivers personalized, actionable intelligence throughout the entire homeownership lifecycle to every client and prospect" to ensure that lenders and agents remain the trusted advisor that consumers rely on, the company said.
