RenoFi raises $22M Series B to expand home renovation financing

"By creating the world's first Renovation HELOC, building technology for the incredibly manual mortgage process, and partnering with a network of trusted credit unions, we've made it possible for homeowners to fund their dream projects without draining savings, racking up high-interest-rate debt or giving up their low-rate mortgage."

"Millions of homeowners want to renovate, but many lack the equity to borrow what they need. RenoFi was built to fix that by enabling unmatched access to capital, particularly for the underserved segment of equity-light homeowners, making it possible for families to turn renovation plans into reality."

"RenoFi's platform pairs modern credit underwriting with a proprietary, AI-enabled renovation underwriting engine to unlock after repair value (ARV) financing. Since its inception, RenoFi has facilitated more than 8,000 renovation loans, totaling more than $1.5 billion in funded loans and $2 billion in analyzed renovation project value."

RenoFi, founded in 2018, has secured Series B financing to accelerate growth of its renovation financing platform. The company plans to triple its retail team and expand partnerships with credit unions and embedded financing platforms. RenoFi's proprietary technology combines modern credit underwriting with AI-enabled renovation analysis to unlock after-repair value financing. The Renovation HELOC, the first U.S. home equity line of credit based on property ARV, allows homeowners to fund renovations without depleting savings or abandoning low-rate mortgages. Since inception, RenoFi has facilitated over 8,000 loans totaling $1.5 billion funded and $2 billion in analyzed project value. Operating in 48 states, the company attracts over 10,000 new homeowners monthly.

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