Homebot, an ASG home education portal that empowers consumers to make smart home finance decisions and facilitates meaningful engagement between loan officers, real estate agents and their clients, today announced its acquisition of Quo Finance (“Quo”), a mobile app that helps first time homebuyers secure their dream home and begin to build wealth. As part of the acquisition, Quo’s team, led by Co-Founders Tucker Haas and Neel Yerneni will join the Homebot team.
In 2018, Tucker and Neel founded Quo with the mission of making building wealth more equitable by simplifying the mortgage process and making homeownership accessible for everyone. Quo’s app helped first time homebuyers get mortgage-ready by guiding its customers throughout the home buying process — starting with the daunting task of qualifying for a loan.
“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 Tucker Haas, Co-Founder of Quo. “Growing up in a household that experienced financial hardship as a result of medical debt, I saw how broken the financial system was. It was incredibly difficult for my family to chart a path to homeownership and reap its wealth building potential. 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.”
“We are thrilled to partner with one of the leaders in this space,” said Neel Yerneni, Co-Founder of Quo. “We knew that combining Homebot’s and Quo’s home education portal made sense from a business perspective. Upon meeting the Homebot team, it only reinforced our conviction to join forces as both companies share the same mission and values and prioritize building beautiful customer experiences.”
“Quo will massively accelerate Homebot's mission to connect people to make informed homeownership decisions," said Charlie Pratt, CEO of Homebot. "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. We're very impressed by the product and team that Tucker and Neel have built. They have made an enormous impact since joining Homebot.”
In December 2021, Quo announced that it raised $7.2M in seed funding, led by SignalFire, to further accelerate the development and growth of the mobile app. Since launching their home buying app in June 2021, Quo’s users have amassed over $1.5Bn in home buying power and are working towards purchasing $5Bn in homes. Terms of today’s transaction were not disclosed.
Sandfox Advisors served as financial advisor and Goodwin Procter LLP acted as legal counsel to Quo. Willkie Farr & Gallagher LLP served as legal counsel to Homebot.