Noah secures $150m to bolster growth in Q2

The home equity firm is actively hiring to support its product expansion

Noah secures $150m to bolster growth in Q2

Noah has announced closing a $150 million funding round, which it will use to finance home equity sharing contracts for homeowners.

The company's equity sharing agreements give homeowners access to their housing wealth by providing them with upfront financing in exchange for a percentage share of their home's future appreciation or depreciation.

Noah said that they would use the $150 million investment to expand its product offering in the East Coast market in the second quarter. The firm is also currently hiring to support its growth.

“We see our homeowner partners as more than just a credit score – our model leverages 80 billion data points across more than 60 different variables in order to obtain a holistic understanding of each investment," said Noah Chief Investment Officer Rahul Parulekar. "This approach is a game-changer for investors, as it provides access to a historically stable asset class and a long-term growth opportunity for them to invest in equity instead of debt. This latest capital shows our investors’ commitment to helping advance the aspirations of US homeowners.”

“Amid this state of financial uncertainty, we’re encouraged by our latest capital investment as it strengthens our ability to continue to partner with homeowners and help them access immediate funds,” said Sahil Gupta, founder of Noah. “Unlike traditional financial institutions, Noah is able to gain a full financial profile of our homeowner partners and provide them with funding – even if they may be facing unemployment or a reduced income. We’ve had homeowners come to us when they had nowhere else to turn and it's important that we continue to develop long-term partnerships, even in times of economic uncertainty.”

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