Tomo, the fintech startup founded by former Zillow executives Greg Schwartz and Carey Armstrong, has launched its new end-to-end digital mortgage and home-purchasing platform.
Armed with $70 million in seed funding — one of the largest seed rounds in history — Tomo enters the market at a time when home prices are surging, putting thousands of first-time homebuyers in a challenging and perilous position.
“Tomo’s expert teams will be bringing humanity back to home buying in their dedicated markets whenever and however our customers need it – seven days a week via text, phone, email, or video,” said Tomo co-founder and chief revenue officer Carey Armstrong. “Through our platform and customer-obsessed service, there will be no more guessing about where you stand on your journey.”
Tomo Mortgage says it will cut the average time-to-close by as much as 55%; current industry average is 47 days. With all-cash offers currently constituting 25% of home sales and a nearly 20% rise in home prices year-over-year, buyers need all the help they can get to compete.
“In today’s housing market, buying is not an enjoyable experience; it has become competitive, stressful, and confusing, and too many people are coming away from it empty handed. As single family homes become commoditized by investors, the American dream is moving further and further out of reach. We are going to change that,” said Tomo CEO and co-founder Greg Schwartz. “In the current frenzy, what is being lost is the personal touch, the humanity, and the excitement that should go along with buying a home. Tomo is going to restore that. We will work only with buyers, we won’t do refinancings, and we will close on-time, every time. No one else in this space can say that and mean it.”
Launching initially in Seattle, Dallas, and Houston – with more markets to come later this year – Tomo will target areas where rising home prices and competition are crippling first-time and millennial homebuyers.
Skylar Olsen, principal economist at Tomo, will deliver the keynote presentation at #NEXTSUMMER21. Claim your complementary registration now to reserve your seat.