Randy Liu knows how difficult it is to save money to buy a house.
While working at Better.com, a new mortgage, he has been dealing with his first home buyer who feels overwhelming about buying a house. By the time his turn came in 2022, the mortgage interest rate was almost doubled, and he realized that he was one of the most difficult houses in the last few decades.
“I put my purchase and set up Foyer using a down payment. I work with the members as a user,” he told TechCrunch.
Foyer is a platform that supports consumers to save money, and is essentially functioning as “401 (k) for housing ownership”. He recently stated that almost every large milestone, such as “retirement allowance, university tuition, and even a large amount of medical expenses,” there are dedicated deposits and apps. However, the market has a general option to save for down payment, but it is not similar to a platform that focuses on the down payment of the house.
“We believe that housing owners is an important part of American Dream, and those who buy houses for the first time need as much support as possible,” he added.
In Foyer, users can create target savings goals and access individual guidance on the optimal savings method for housing purchases, information on mortgage interest rates, and real estate companies. The company has adopted a subscription model and provides memberships to users seeking more support. You can connect users and real estate experts, and customers can also acquire benefits for housing purchases.
“Real estate service providers spend billions of dollars for end users marketing, and now we have been able to directly support the economic health of housing purchasers,” said Rue. Ta.
In recent years, buying housing has become very difficult, and many ambitious housing buyers have noticed that the generations have been completely out of the market price, far from the younger generation. I am. “In order to save for a house, you need a more detailed plan than ever,” he said.
Investors clearly feel that there is something that shines in this idea. Today, Foyer has announced a $ 6.2 million seaward led by Alpaca VC and Hometeam Ventures. Accion Venture Lab and Clocktower Ventures also participated in the round.
“Housing owners plays an important role in building long -term economic safety, especially for unprecedented communities that have historically closed wealthy opportunities,” “Housing ownership is important,” said the management partner at the Venture Lab. Amee Parbhoo told Techniccrunch.
Alpaca VC's General Partner David Goldberg said that the company was attracted to the “reconstructed approach to home ownership.”
“The combination of high -yield savings, education, and strategic partnerships will be an attractive bet on the future of housing purchase,” he said to TechCrunch.
Riu said he had met lead investors through mutual connections in the field of FinTech and Proptech. At this time, Liu said that the main competition partner for Foyer was a conventional deposit account. Foyer started services in Michigan last year, but has since spread throughout the United States, attracting more than 10,000 users.
New capital will help you to expand and strengthen the company's product functions.
“The affordable housing prices are in danger, but housing owners are still the largest wealth sources for Chinese middle classes and minority families,” Liu said. “Wayer offers a solution for those who buy a house for the first time, and a dedicated deposit account that is useful for next -generation housing owners.”