Quo raises $7.2 million

Quo Finance, the fintech startup targeting future homebuyers, has raised $7.2 million in a seed funding round led by SignalFire, with participation from Justin Mateen and current investors Soma Capital, Global Founders Capital, and others.

Founded in 2018, Quo shows users where they are today in terms of their financial position if they were to apply for a mortgage. The Quo app, which is free of charge, connects to banking and credit card accounts to later find mortgage-specific issues that can prevent a person from getting a mortgage. The app then recommends different action plans such as what debts to pay off versus saving that money for a down payment. Users can access information about down payments, closing costs, and loan reserves, as well as comparing loan programs to see which one offers the optimal option in terms of buying power and chances to qualify.

Quo is also a licensed mortgage brokerage after acquiring Uncapped Mortgage, a startup based out of Nashville. The new entity is called QuoHome and provides mortgage brokering services for users once they are ready to buy.

“Having grown up in a low-income household, I had firsthand experience with a broken financial system. Quo is our way of driving at the mission of making building wealth more equitable. Since launching the Beta in June, our members now manage over $21M in home savings with Quo and are building towards almost half a billion dollars in homes. With our $7.2M in funding led by SignalFire, we’re proving there’s a more aligned and accessible way to approach this industry.” – Tucker Haas, CEO and co-founder of Quo.