Bankrate, July 28, 2021, Struggling to Get your Finances in Shape to Buy a House? This Startup Wants to Help
A startup that aims to turn renters into homeowners just raised $165 million in venture capital. New York-based Landis says it will use the cash infusion to expand its rent-to-own program for first-time homebuyers.
For would-be homeowners, Landis fills many roles. It coaches them on boosting their credit scores. It oversees the bank accounts where they build their down payments. And the startup buys homes and then serves as landlord while its clients get their finances in shape.
“The goal is to transition as many renters to homeownership as possible,” says Cyril Berdugo, a co-founder of the company.
Landis today announced that it raised money from a group of investors led by Sequoia Capital, the Silicon Valley venture firm. Other backers include actor Will Smith and Jay-Z’s Roc Nation. Earlier this year, the venture fund of the National Association of Realtors announced funding for Landis. And in another endorsement, the nonprofit National Community Reinvestment Coalition lauded Landis’ offering as a way to close a stubborn racial gap in homeownership and wealth.
