Home buying platform Lower raises $100 million

Ohio-based home finance platform Lower has raised $100 million in its Series A Funding round, led by venture capital firm Accel.

Founded in 2018, Lower offers consumers the ability to go online or download an app and find a one-stop shop experience where they can save for a home, get a mortgage, and protect their home through its insurance marketplace. Those who prefer to work with a local realtor or builder can utilize their channel partner network and its advisors. Customers can get quotes from carriers such as Progressive, Travelers, Nationwide, Liberty Mutual, Allstate, Chubb and The Hanover among others.

“My co-founders and I started this company because we saw a need in this industry to make the process easier for consumers. We’re all actively involved in growing the company and knew the next stage of our journey would be accelerated by bringing in a top firm like Accel. More investment means faster growth and more impact. Homeownership is the greatest wealth creator for Americans and Accel’s history of supporting bootstrap companies and their investment means we can help more people achieve it faster.” – co-founder and CEO Dan Snyder.

Accel partner John Locke is joining Lower’s board of directors. “Dan and the Lower team have quietly created one of the most interesting fintech companies in the U.S. Lower has a unique opportunity to break down barriers to home ownership. They have an established growth trajectory, with over $300M in revenue. We are excited to partner with them as they continue this journey.” – John Locke.

The funding announcement follows on the heels of Lower’s mobile app launch featuring a deposit account called “HomeFund™.” The interest bearing FDIC-insured deposit account with a 0.75% Annual Percentage Yield is designed to help consumers make progress on their home buying journey with a dollar-for-dollar match in “HomeCash™” rewards up to the first $1,000 saved.