HomeLight buys cash-offer fintech Accept.inc

HomeLight has agreed to acquire Accept.inc, a fintech lender specializing in cash-offer equivalent products.

The acquiring company, a real estate technology firm with a pre-existing cash-offer financing operation, did not disclose the exact terms of the all-stock deal.

The majority of the Accept.inc team will take on new roles within HomeLight as the two operations are combined, HomeLight CEO Drew Uher said in an emailed response to questions.

“With this acquisition, HomeLight is now not only the largest agent-focused cash-offer program in California and Colorado, but also in the entire country,” Uher said, noting that its activity in this area has experienced 500% year-over-year growth.

In addition to announcing the acquisition, HomeLight on Thursday said that it raised an additional $115 million in capital, including $60 million in Series D equity and $55 million in debt financing. Its total funding is now approximately $645 million and its valuation is $1.7 billion.

HomeLight’s backers include Zeev Ventures, Menlo Ventures, Group 11, Crosslink Capital, Bullpen Capital, Montage Ventures, STCAP, Citi Ventures, and Google Ventures.

The acquisition of Accept.inc will be HomeLight’s third since 2019. It previously bought digital mortgage lender Eave to start an internal mortgage unit, and Disclosures.io, a provider of listing management technology.

HomeLight Cash Offer has been structured so that it can immediately step in to temporarily buy homes on a qualified borrowers’ behalf in competitive housing markets, later turning the title over to consumer borrowers and converting the financing to a more typical mortgage loan. 

“Cash Offer has proven to be a powerful tool for homebuyers in a variety of situations, whether it’s afirst-time buyer in Houston, Texas; a retiree looking to upsize in the highly competitive Phoenix, Arizona market; a growing family looking for more room in Dallas,Texas; or a couple looking to compete against wealthy buyers pouring into Miami,” Uher said.