Homewise – 1 September

01 Sep 2020
 

Homewise

Homewise automates the mortgage process online, making it faster, more transparent, and easier than ever before. Clients apply online in only 5 minutes, then Homewise’s data intelligence matches them with the best mortgage options from over 30 banks and lenders. The process uses predictive technology to segment and define target lenders to increase conversion. Then based on the system’s internal scoring engine, the client experience then ranges from digital advice to a process involving Homewise’s tech-powered advisors, who will take them from approval to move-in and beyond. In the end, clients get their best-tailored mortgage, while saving time and money – all for free!

Operating within the financial services sector, Homewise faces competition against banks, classic brokers, and rate aggregators. While many of the aforementioned focus on a lack of transparency and provide one/few options and posting rates, Homewise provides clients their best options from over 30 banks and lenders all tailored to their unique needs; all while providing a full overview of why their options are best for them. Their attention to client customization to suit various needs is what allows Homewise to hold a competitive advantage. They manage clients from start to finish, providing unbiased advice at each step of the way. 

 

Traction

Since launching in 2019, Homewise has continually grown, successfully surpassing 2019 revenue in the first half of 2020, while being on pace to surpass this year’s first half in Q3. Following their strong growth, Homewise has garnered a multitude of achievements including having driven billions of dollars of applications from their core target of first time home buyers. They’ve also been able to establish strong partnerships with over 30 banks and lenders and similarly built strong relationships with top tech companies such as Sonnet Insurance.

Homewise’s biggest hurdle to overcome in the following years is to continue their strong growth as many homebuyers learn that the current ways to get a mortgage are outdated, inefficient, and not transparent. In order to stay ahead of their growth, Homewise recognizes that their technology and customer acquisition tools will need to meet the change. 

 

Team

Jesse Abrams, Co-Founder, CEO

Highlights:

  • 10 Years Digital Marketing + Advertising
  • Marketing Magazine Top 30 Under 30
  • AMA top Marketer on the rise under 40
  • Digital Marketing, Advertising and Data experience

Key Roles:

  • Partner, VP Digital and Client Services: Beyond Marketing Group (Equity Holder, sold)
  • Director of Client Services: Engagement Labs (Divested to Beyond Marketing Group US)
  • Digital Marketing Lead (and other roles): General Mills

Education:

  • BComm, Marketing: McGill University

Carlos Medeiros, Co-Founder, COO and Head of Data

Highlights:

  • 20 Years leadership roles in Technology, Finance, Mortgage Lending, Risk, Operations and Machine Learning
  • FinTech Leader of the Year Nominee ‘17
  • Launched Mogo Mortgage

Key Roles

  • Chief Risk Officer, Head of Operations: MOGO
  • Chief Risk Officer: SNAP Financial
  • Head of Finance Risk Management: HSBC
  • COO: Itaú-Unibanco

Education

  • HEC Montreal: PHD Information Systems – Focus on Neural Networks
  • CMA Ontario
  • Coppead – UFRJ: MBA
  • Universidade Federal Fluminense: Bachelor of Law
  • Universidade Federal do Rio de Janeiro: Bachelor of Science in Electronic Engineering, Valedictorian

Madara Ranawake, CTO

Highlights:

  • 14 years Ad Agency technical leadership
  • Built backend and process systems for two of Canada’s big five banks
  • Has built many consumer acquisition solutions, leading back and frontend.

Key Roles

  • Director of Technology: FCB/SIX
  • Senior Software Engineer: BBDO
  • Senior Software Engineer: Proximity

Education

  • Humber: Postgraduate, Internet Management – Advanced Web Development for eBusiness
 
 

Funding

As quoted by Jesse Abrams, CEO of Homewise, “Our goal is to provide the best mortgage experience for every home buyer in Canada.” With a driven mindset to pursue this vision, Homewise is planning for further expansion, and to do so, they have been in the process of a following seed round of financing. Thus far, they have over half of the round raised, and with just over $1M to finalize. Previously, they had raised a pre-seed round in 2019. 

The secured funds will be invested towards continued growth in their tech along with the development of new products; all while driving their expansion initiatives. Following their expansion plans, Homewise is in the process of continuing to build its technology and data team as well as its mortgage advisory team. The growth in their team will help in bringing their goals to fruition. 

 

Revenue Model

While the Homewise platform is free for clients, the company makes bps off of mortgage principal. This ranges from 60 to up to 120, a number that they have increased year over year.  

 

Details

For more information visit:

Website, Facebook, Instagram, LinkedIn

 
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