Real Estate Fintech Foyer Celebrates $6.2M Seed Round

This week, Foyer, a Fintech company focused on first-time homebuyers, announced the successful closure of a $6.2 million seed round led by Alpaca VC and Hometeam Ventures with participation from Animo Ventures, Resilience VC, Accion Venture Lab, Detroit Venture Partners, and Clocktower Ventures. The funds are earmarked for product development, including a more personalized experience.

Even with soaring home prices, Foyer said close to half of Americans plan to buy a home within the next five years. According to a Citigroup study, that number increases to 70% of Generation Z and 63% of Millennials. However, only about one in three understand homebuying basics.

Foyer combines education and financial products in a dedicated space to save for a down payment called a First Time Homebuyer Savings Account (FHSA). The company offers a 4.05% APY, potential state tax savings, and a rewards match on savings contributions of up to 5%. Members set a homeownership goal, and based on their financial profile, Foyer can provide personalized guidance on how much a user needs to save to account for the full costs of homeownership while recommending additional down payment assistance from thousands of programs nationwide to help users find additional value where possible.

In just over one year, Foyer’s member count has surpassed 10,000. Most members are between 20 and 40, with a majority being women.

“Saving for a down payment and knowing how to get started are the two most difficult parts of homeownership for first-time buyers, and we’re addressing that with our technology and user journey which turns renters into future homeowners,” said Foyer founder Landy Liu.

Foyer has also established strategic partnerships with industry leaders to further help users save. In mid-2024, Foyer confirmed a collaboration with Rocket Mortgage to provide members with competitive closing cost discounts. A partnership with Anywhere Real Estate gives members access to the largest network of brokers in the country.

“This funding round and our new partnerships represent a significant milestone for Foyer,” said Liu. “We’re committed to addressing the home affordability crisis by providing resources which empower first-time homebuyers. By helping people build better savings habits and combining savings across the real estate transaction, as well as through down payment assistance, we can help people save up to 30-40% faster on their future homes.

“People who set goals are 43% more likely to achieve them. We’re helping people make the American dream of homeownership a goal once more, despite this difficult climate.”

“Homeownership is a vital pathway to economic mobility, especially for marginalized groups historically excluded from wealth-building opportunities,” said Amee Parbhoo, managing partner at Accion Venture Lab. “With homeowners holding nearly 98% of household wealth, achieving homeownership can transform lives. We’re excited about Foyer’s commitment to supporting these individuals with inclusive financial solutions that enable lasting wealth.”

Foyer’s platform is now available in all 50 states, with 10 offering potential tax savings. The company is also expanding its reach by partnering with employers and developers interested in offering a “401k for homeownership” as part of their benefits packages.



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