Splitero secures $350M in funding from Blue Owl Capital
Summary
As consumer debt reaches all-time highs and the cost of living continues to escalate, home equity investment fintech Splitero on Thursday announced a purchase commitment from funds managed by asset manager Blue Owl Capital.Per a release from the companies, Blue Owls alternative credit strategy funds will purchase up to $350 million of home equity investments. In tandem, Splitero also announced that it is expanding its product solutions to Tennessee and Virginia to provide more homeowners with alternative ways to access to home equity. It was already available in the states of Arizona, California, Colorado, Oregon, Utah and Washington.Splitero founder and CEO Michael Gifford said the collaboration with Blue Owl aligns with the companys mission. This investment allows us to ensure that more homeowners can access their home equity to secure their financial future, he said.Ivan Zinn, head of alternative credit at Blue Owl, shared his excitement about expanding homeowner access to capital via the partnership. Mortgage holders withdrew $48 billion in home equity during the first nine months of year, according to the report, marking the largest equity withdrawal volume in the two years since the Federal Reserve first began to raise interest rates.San Diego-based startup Splitero provides up to $500,000 as a lump sum of cash to homeowners without income requirements, credit-score requirements or monthly payments.