Mortgage Startup Tomo Expands into a Home Search Portal

February 21, 2024
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Mortgage fintech Tomo has relaunched as a home search portal, with over 10,000 listings in 21 states already available on its platform.

Tomo boasts an AI-powered search function on top of its pre-existing mortgage services with zero lender fees and a price match guarantee.

The company, founded in 2021, is led by a team of ex-Zillow executives, CEO Greg Schwartz and COO Carey Armstrong. Schwartz told Real Estate News that the intention was never to launch a real estate portal, but that it was an expansion into an adjacency that matched its mortgage business, which operates in 23 states.

The firm previously raised $40M at a valuation of $640M in 2022, but went on to lay off 30% of its workforce a few months later amid difficult market conditions. The firm has raised a total of $110M.

Tomo promises to offer an AI-boosted voice-to-text search experience and innovative product development that arms buyers with the tools and skills to search for a new home and access a good mortgage on one platform. One example is that listings on Tomo include the current owners' names and their level of equity.

CEO Greg Schwartz said:

"Tomo’s beginnings as a mortgage company set us apart in the real estate industry.

"We recognized that the mortgage process was the catastrophe of the real estate transaction, and tackled that first. Now, we’re channeling that motivation into the real estate search.

"The search and find process hasn’t changed much since mobile phones launched. Homebuyers have been stuck adapting to the technology and experiences available, instead of the technology and experience streamlining how people actually search for homes — which is far more nuanced than a zip code, bed and bath count."

COO Carey Armstrong said:

"We’re not just another listing portal. Tomo Real Estate is here to give homebuyers a distinctive advantage with real, actionable insights—not overwhelming them with a buffet of information and ads to decipher alone. Think of Tomo Real Estate as your strategic partner, paving the way for homebuying success."

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Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

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