RenoFI signs distribution agreement with TruStage to help credit unions offer next generation home renovation loans to their members
PHILADELPHIA, PA (June 20, 2023) — RenoFi announced today it has signed a distribution agreement with TruStage to bring home renovation financing solutions to credit unions across the country. RenoFi’s “Renovation Underwriter” empowers credit unions to offer after-renovation-value home equity loans by underwriting the risk of the renovation and by providing a fully digital, end-to-end process for the homeowner and credit union.
TruStage Ventures, the venture capital arm of TruStage, previously invested alongside leading fintech investors in a Series A funding round to fuel RenoFi’s continued growth.
“RenoFi is blazing a trail for credit unions to shape the new frontier in the home renovation space. The team has experienced incredible growth stemming from the strong demand from homeowners for a solution that is tailored to their needs. We are excited that TruStage can help bring RenoFi to more credit unions, further building upon the partnership forged through our investment”, said Sam Das, Managing Director at TruStage Ventures.
RenoFi offers the only end-to-end loan origination and renovation underwriting platform specifically built to enable renovation lending, allowing homeowners to borrow against their home’s after-renovation value instead of the home’s current value, increasing borrowing power by 11x on average. RenoFi’s loan products are intended for primary homeowners looking for financing to support home renovation projects like kitchens, bathrooms, additions, pools, etc. The RenoFi team is made up of renovation experts, mortgage loan originators, and technologists who are dedicated to providing personalized customer support and renovation concierge services.
“We are very excited to officially announce TruStage as a partner,” Lee Miller, President & Co-Founder of RenoFi said. “We are committed to the credit union industry and making renovations possible for all homeowners. TruStage’s expertise and industry reach will help us greatly with those commitments and its endorsement of RenoFi is a big proof point for RenoFi’s ability to support the credit union movement!”
About RenoFi
RenoFi makes renovations possible through purpose-built renovation loans, powered by our unique renovation underwriting platform. RenoFi Loans leverage a home’s “after renovation value,” allowing homeowners to borrow 11x more, on average, than a traditional home equity loan. RenoFi provides the only renovation underwriting platform enabling credit unions to offer a turn-key renovation lending program to new and existing members. RenoFi was founded in 2018 and is backed by the leading technology investors, including First Round Capital, Canaan Partners and Comcast Ventures. For more information, visit www.renofi.com.
About TruStage
TruStage is a financially strong insurance, investment, and technology provider, built on the philosophy of people helping people. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. With a culture rooted and focused on creating a more equitable society and financial system, we are deeply committed to giving back to our communities to improve the lives of those we serve. For more information, visit www.trustage.com.
About TruStage Ventures
TruStage Ventures, LLC, is the venture capital arm of TruStage, a financially strong insurance, investment and technology provider. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. TruStage Ventures, LLC, houses two investment funds: a general fund focused on strategic investments and partnerships to connect fintechs with credit unions and financial institutions, and the Discovery Fund, focused on early-stage investments in fintechs with diverse founding teams. TruStage Ventures, LLC, has invested in over 50 fintechs, including 16 in the Discovery Fund, and is committed to continuing to invest in fintechs that help make brighter financial futures accessible to all. For more information, visit www.trustage.com/ventures.
