Author: Julie Muhn (@julieschicktanz)

Brex Raises $300 Million to Expand Product Portfolio

Brex Raises $300 Million to Expand Product Portfolio
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding

Credit card and cash management solutions company Brex closed a $300 million D-2 round today. The round, which values the company at $12.3 billion, was led by Greenoaks Capital and Technology Crossover Ventures (TCV).

Brex will use the fresh capital to expand its product portfolio to serve more of companies’ financial needs. The California-based fintech’s funding now totals $1.2 billion.

“Brex is a market disruptor and the opportunity to create economic opportunity for millions of people and businesses globally through innovation in financial products is incredibly exciting,” said Brex Chief Product Officer Karandeep Anand. “The opportunity ahead for Brex is expansive, and I’m grateful for the opportunity to create products that will help our customers grow their businesses.”

Brex was founded in 2017 to create a digital-first business banking solution. The company offers business bank accounts with credit cards that have built-in rewards, spend controls, and expense tracking. The accounts give businesses early access to their online revenue, billpay tools, and integration with popular accounting tools– all with zero fees. The company serves “tens of thousands of businesses” ranging from small private companies to large public brands, including Airbnb and Classpass.

“Brex has always moved fast. But as the company has scaled, they’ve managed to get even faster, accelerating their growth since our last investment,” said Greenoaks Founder and Managing Partner Neil Mehta. “Brex is building a full financial operating system that keeps getting more comprehensive, all of which will delight existing customers and attract new ones.”

In addition to the funding announcement, Brex is also highlighting a noteworthy personnel change. The company appointed Karandeep Anand as Chief Product Officer. Anand comes to Brex from Meta, where he led the business products group, which served more than 200 million businesses globally. Before his start at Meta, Anand spent 15 years at Microsoft leading the product management strategy for Microsoft’s Azure cloud and developer platform.

Photo by Hal Gatewood on Unsplash

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Revenue Got You Down? Accenture Offers Four Keys to Get Out of the Slump.

Revenue Got You Down? Accenture Offers Four Keys to Get Out of the Slump.
By Julie Muhn (@julieschicktanz) Posted on
Categories: Report series

As we survey the damage from the pandemic and its multiple variants, technology services and consulting firm Accenture has some advice, “It is critical that every bank becomes a challenger.”

In a recent report, the firm uncovered that banking has moved from vulnerable to volatile on its Disruptability Index. Underlining this point, Accenture found that bank revenues declined in 2020, then rebounded last year. “Although COVID hasn’t been a solvency event for the banking industry, we have seen material profit compression that has reordered banks’ priorities,” the report states. “Leading institutions have witnessed double-digit net income declines of 7 percent in Asia-Pacific, 37 percent in North America, and 51 percent in Europe in 2020.”

This profit compression, along with an increased cost of risk and accelerated digital transformation, has resulted in what Accenture is calling a “neo-normal.” The more level playing field has resulted in a more crowded industry. Fortunately, Accenture leaves readers with four “imperatives for success” in this new, post-COVID arena.

Understand your market

While it has always been imperative for banks to understand their customer base, customers’ needs and wants have changed since the pandemic. For example, Global Banking Consumer Study found that when dealing with a bank, customers rank value as the number one priority. That’s up four slots from just two years ago when customers ranked it number five.

Also as a part of this, Accenture noted that banks must balance managing costs with customer acquisition. “Banks can no longer spend multiple years on complex integrations—they need to build a technical stack that can quickly onboard and migrate acquired portfolios and customers so the economic value of the acquisition can be realized swiftly,” the report said.

Future-proof your business

If this was important before the pandemic, it is even more so now. That’s because what we once thought was “the future” is here today. One of the best ways to do this may be cloud partnerships, Accenture explained, because the partnerships can accelerate digital transformation via partnerships.

Banks can’t take a blanket approach, however. There is no one-size-fits-all business model, especially for larger financial institutions. Instead, banks must adopt tailored models for each business sector in which they operate.

Focus on becoming digital

Accenture suggested that a mobile app is just a ticket to the game. Banks can’t rely on the app alone as their digital strategy. Instead of relying on their mobile app as their entire digital strategy, banks should shift their thinking outside of their budget. That is, digital tools shouldn’t be put in place just to decrease cost. Banks should also leverage digital to enhance differentiation, increase revenue, and boost customer acquisition.

Adopt technology

Simply put, “there is a high correlation between technology adoption and revenue growth.” That’s what Accenture found in two separate studies recently. Similar to the point above, banks shouldn’t just look to technology to decrease costs and increase efficiencies. Instead, in order to get ahead, banks need to consider how technology can enable growth, boost differentiation, and facilitate productive partnerships.

This is, of course, easier said than done, so Accenture suggests two jumping off points for banks. First, banks should improve their boards’ knowledge about technology. Second, banks need to align their IT strategy and their growth strategy.

These four tips are just highlights. There is a lot more to the full report, including graphs and many more stats. Check out Accenture’s brief and download the report.

Photo by Susan Q Yin on Unsplash

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PayPal Plans to Launch its Own Stablecoin

PayPal Plans to Launch its Own Stablecoin
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, PayPal

PayPal has confirmed recent rumors regarding plans to launch its own stablecoin. According to Bloomberg, which broke the news last week, a developer found evidence of PayPal’s future stablecoin in the form of the below logo inside the fintech’s iPhone app.

Photo credit: Bloomberg

SVP of Crypto and Digital Currencies at PayPal Jose Fernandez da Ponte later confirmed the suspicion. “We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,” Fernandez da Ponte told Bloomberg.

Developer Steve Moser made the discovery by looking at hidden code inside the PayPal app. The code unveils work on PayPal Coin, a PayPal-specific stablecoin that would be backed by the U.S. dollar. After PayPal was made aware of the discovery, the company confirmed that the code was part of a recent internal hackathon and that details surrounding the project will likely change.

If the project comes to fruition, the stablecoin would be just one initiative among a host of other cryptocurrency efforts. In October of 2020 the company partnered with cryptocurrency company Paxos to allow PayPal users in the U.S. to buy, hold, and sell cryptocurrencies. And last March, PayPal launched Checkout with Crypto, a tool that enables users with cryptocurrency holdings to transact using crypto at the online point of sale.

When it comes to working on a stablecoin launch, PayPal is in good company. Meta (formerly Facebook) was developing its own stablecoin, Diem, until it experienced regulatory hurdles and pivoted to work with the Pax dollar instead. On top of that, Visa is looking to leverage a stablecoin to settle transactions.

In addition to its stablecoin ambitions, PayPal is also hoping to gain a reputation as the first super app in the U.S. The company revamped its mobile app last September and now offers a range of features including direct deposit, billpay management, rewards, and more. Founded in 1998, PayPal is now listed on the NASDAQ under the ticker PYPL. The company’s market capitalization currently sits at $213 billion.

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Starling to Launch Software-as-a-Service Offering

Starling to Launch Software-as-a-Service Offering
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news

If you forecasted banking-as-a-service as one of the top trends in 2022, you can go ahead and put a check mark next to your prediction. That’s because U.K.-based digital bank Starling Bank announced today it is launching a software-as-a-service product, Starling as a Service.

Starling as a Service will help banks launch their own digital banks in months. “With SaaS (or Starling as a Service, as we like to call it) we will offer our partners the benefit of Starling’s advanced technology to use as their own,” Starling CEO Anne Boden announced in a blog post. “It will be their license, our technology.”

The move is part of a new phase for the digital bank, one that also includes an expansion of Starling’s lending offering. Going forward, Starling will now offer “a mix of strategic forward flow arrangements, organic lending across various asset classes, and a targeted M&A strategy.”

Today’s announcement also showcased some of the bank’s growth metrics. Starling has opened over 2.7 million accounts since its 2014 launch, 475,000 of which are SME accounts. The company now has $11.4 billion (£8.4 billion) in customer deposits, a figure that has risen almost $5 billion from $6.5 billion (£4.8 billion) at this same time last year. Additionally, the company has grown its lending from $2.6 billion (£1.9 billion) to $4.2 billion (£3.1 billion).

Along with the boost in these metrics, Starling also grew as a company in 2021. The bank acquired buy-to-let lender Fleet Mortgages last July, launched a new app for kids called Kite, committed to offset its own carbon emissions, (excluding lending and investments), and raised $437 million (£322 million) in March. Starling is now valued in excess of $1.5 billion (£1.1 billion).

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MoneyGram Makes Strategic Investment in Cryptocurrency Cash Exchange

MoneyGram Makes Strategic Investment in Cryptocurrency Cash Exchange
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding, MoneyGram

Pre-digital P2P payments and remittance player MoneyGram made a strategic investment in cryptocurrency cash exchange company Coinme this week.

The amount of MoneyGram’s strategic investment in Coinme was undisclosed, but it gives the firm a 4% stake in the Seattle-based company. As a result, MoneyGram now holds direct ownership in Coinme.

“At MoneyGram, we continue to be bullish on the vast opportunities that exist in the ever-growing world of cryptocurrency and our ability to operate as a compliant bridge to connect digital assets to local fiat currency. Our investment in Coinme further strengthens our partnership and compliments our shared vision to expand access to digital assets and cryptocurrencies,” said MoneyGram CEO Alex Holmes.

The two companies originally teamed up last year to offer a crypto-to-cash product that combined MoneyGram’s mobile payments platform and Coinme’s cryptocurrency exchange and custody technology. The new product allows customers to purchase bitcoin with cash and withdraw bitcoin holdings in cash at thousands of physical point-of-sale locations.

“Our unique cash-to-bitcoin offering with Coinme, announced in May of 2021, opened our business to an entirely new customer segment, and we couldn’t be more pleased with our progress. As we accelerate our innovation efforts, partnerships with startups like Coinme will further our position as the industry leader in the utilization of blockchain and similar technologies,” Holmes added.

And while last year’s partnership between the two was limited to U.S.-based point of sale locations, Coinme CEO Neil Bergquist unveiled plans for a global launch. “We see this as an incredible opportunity to continue our strong growth and build on our leading presence in the world of crypto,” said Bergquist. “With MoneyGram’s global network and infrastructure, both [MoneyGram’s] continued partnership and strategic investment will help us accelerate our growth and international expansion.”

Coinme offers two cash-to-crypto products that enable users to purchase cryptocurrencies using cash at MoneyGram and Coinstar locations in 48 U.S. states. Since the company was founded in 2014, it has raised $19 million.

Last October, MoneyGram partnered with the Stellar Development Foundation and Circle to enable consumers using Circle’s USDC stablecoin to receive cash funding and payout in local currency. MoneyGram was founded in 1940 and is currently listed on the NASDAQ under the ticker MGI with a market capitalization of $692 million.

Photo by Caleb Oquendo from Pexels

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A Chat with Huawei’s Siri Børsum on What’s Next for Digital Transformation

A Chat with Huawei’s Siri Børsum on What’s Next for Digital Transformation
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateEurope 2022, Speaker series

Last November, I chatted with Siri Børsum, Global VP of Finance Vertical Eco-Development and Partnerships at Huawei, as part of our Women in Fintech series.

At Huawei, Børsum is responsible for building a team that ensures Huawei has all of the financial apps for their mobile ecosystem. Børsum, who recently entered into the fintech industry, gained an interest in the tech arena while working at Google in the early days. The thrill of the new industry and betting on something big excited her about the field.

During our interview, we discussed the evolution of digital transformation and what to expect going forward. Below is a brief summary of our conversation. You can check out the full interview on the Finovate YouTube channel.

How has the digital transformation narrative changed?

Siri Børsum: I think companies are focusing even more on it and, for the first time, we as consumers have actually followed. It’s been one of those chicken-and-egg type of scenarios because we’ve all seen it’s been possible but the users haven’t joined in as much as we in the industry would have hoped for.

I now think that both companies and consumers see the extreme benefit of having better technological tools to do their banking. Consumers have now experienced good customer experience within not just the finance industry but within the tech industry– they’ve seen how apps can help them in their daily lives. This makes them more demanding than ever before and when customers are demanding, we need to step up.

What are your recommendations to help fintechs and banks keep up with changing consumer expectations?

Børsum: Start to focus on it. Have it top of mind. Not just something you say you want to do, but actually something you are measured on and that everyone in any management group or the C-suite talks about all the time. They know what KPIs there are. They know the development. It’s not something that’s left to the developers on the second floor.

Make sure it’s your highest priority. Make sure it’s measured and also don’t think you can do it on your own…. Also, you don’t drive innovation without the right culture. You need to look after your people, you need to make sure they feel safe, that they dare to try new things, and that they come to you with all the ideas. They also need information. They need to know what’s possible and they need to know what’s going on in the company in order to contribute.

What’s next for digital transformation?

Børsum: I’ve tried to bet on the future and I haven’t succeeded many times– I don’t think most people do. For me, I look more at what we see now. What are the current trends and what do I wish for as a customer?

I think embedded finance is obviously the next step and we need to see that work, truly. For me, personally, I would love to see payments disappear, totally. We’ve already seen these things and were moving towards it. It won’t happen straight away, but it’s definitely the direction we’re going.

Siri Børsum will deliver a keynote address titled, “Capturing Your Customers’ Goals & Finding New Revenue Streams By Putting Yourself At The Heart Of Their Lives” at FinovateEurope which is taking place March 22 through 23 both in-person in London and digitally.

Photo by Mark Chan on Unsplash

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Fractal Lands $360 Million from Alternative Asset Firm TPG

Fractal Lands $360 Million from Alternative Asset Firm TPG
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding

AI-powered decision making firm Fractal Analytics landed a $360 million investment from alternative asset firm TPG Capital this week. The round brings the 21-year-old company’s total funding to $685 million.

While there is no official word on Fractal’s valuation, Fractal CEO and Co-founder Srikanth Velamakanni told Bloomberg earlier this year that the company is “assessing interest from investors valuing the company at significantly more than $1 billion.”

The funds are coming from TPG’s Asia-focused private equity firm, TPG Capital Asia. The deal, which is expected to close in the first quarter of this year, is comprised of a combination of a primary investment and secondary share purchases from funds advised by private equity advisory firm Apax. Both TPG and Apax will be minority shareholders in Fractal.

As part of today’s deal, TPG’s Puneet Bhatia and Vivek Mohan will sit on Fractal’s board of directors.

“Fractal is building a great workplace and an innovative culture that’s driving significant client outcomes through our ‘user focused, decision-backwards’ approach to solving problems,” said Velamakanni. “TPG’s capabilities across all our markets and their proven success in building and supporting top AI providers is the perfect complement to the partnership we’ve enjoyed with Apax, whose insight and expertise have been instrumental in accelerating our growth.”

Headquartered in New York City, Fractal helps businesses leverage AI to power and inform human decisions. The company serves a range of industries, offering products including Senseforth.ai, a conversational AI platform; Samya.ai, a revenue growth AI; Crux Intelligence, an AI-powered analytics platform; Eugenie.ai, a tool for AI-driven operational efficiency.

Fractal employs 3,500 employees in 16 offices across the globe, including the U.S., the U.K., Ukraine, India, Singapore, and Australia. Last month, the company appointed Manish Tiwari as Chief Information Officer. Last summer, Fractal announced it is exploring an IPO. The funding route would help fuel the company’s growth now that companies have made a post-pandemic push to move their operations to the cloud. “The floodgates have opened,” said Velamakanni. “We have the scale to be a public company.”

Photo by Mike Page on Unsplash

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Bink to Receive Investment from Lloyds Banking Group

Bink to Receive Investment from Lloyds Banking Group
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news

Sky News announced this week that Lloyds Banking Group plans to invest in loyalty app Bink. According to the source, Lloyds will invest “millions of pounds” in exchange for a minority stake in the U.K.-based fintech startup.

Founded in 2015, Bink enables consumers to forgo traditional plastic loyalty cards by registering their debit or credit cards and linking them to various loyalty schemes. The company’s technology helps retailers identify and reward customers each time they shop, offers banks a way to keep their cards top-of-wallet, and provides a simplified way for shoppers to earn rewards.

In 2019, Bink formed a strategic partnership with Barclays, which made a $13.5 million (£10 million) investment. This deal made Bink accessible to Barclays’ seven million U.K. customers.

Barclays customers can find Bink within their existing mobile banking app, where they can join, accrue, and redeem rewards. Other users can download the Bink app and establish their Bink wallet to begin building rewards.

Lloyds’ partnership with Bink is expected to go live in the next six months, but it is still unknown the amount, or at what valuation, Lloyds plans to invest in Bink.

Bink’s card-linked offers tool is very reminiscent of the many loyalty and rewards schemes that rose out of the mobile wallet craze in 2015. When NFC and Bluetooth Low Energy became promising enabling technologies, many startups (and even some established companies) tried to replace consumers’ everyday mobile wallets. Though mobile wallets failed to take off seven years ago, they are making a comeback today thanks to increased digital adoption.

Given that consumers are finally ready to adopt these new technologies, perhaps Barclays and Lloyds are on to something. Is this the start of a card-linked offers and merchant-funded rewards resurgence?

Photo by Verne Ho on Unsplash

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Tink Completes Acquisition of FinTecSystems

Tink Completes Acquisition of FinTecSystems
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Tink

Visa-owned open banking platform Tink has finalized its purchase of FinTecSystems. The acquisition, which was initiated prior to Visa purchasing Tink, was first announced in May of last year. The integration of the two companies combines Tink’s open banking platform and FinTecSystems’ product suite to offer a more complete solution when partnering for open banking technology.

Additionally, FinTecSystems brings Tink new customers including N26, DKB, Santander, Solarisbank, and Check24. The Germany-based open banking firm will help Sweden-based Tink build on its growth strategy and expand into the DACH region, where FinTecSystems is currently powering over 150 banks and fintechs.

“Germany is a key market for Tink, and we are excited to have acquired an innovative leader with a strong reputation for the quality of its bank connectivity and payments services,” said Tink Co-founder and CEO Daniel Kjellén. “We have followed FinTecSystems for many years and are impressed by what they have achieved. Through this acquisition, we are taking a big step into the DACH region, and we look forward to supporting the FinTecSystems’ team to further accelerate their growth.”

FinTecSystems was founded in 2014 and facilitates data analytics, digital account checks, account aggregation, and open banking payments. The company connects to more than 99% of the banks in the DACH region, and in Germany specifically, three in every four online credit decisions involve FinTecSystems’ technology.

FinTecSystems’ 78 employees have joined Tink’s team, which now sits at almost 600 employees. FinTecSystems will continue to function as an independent, regulated company in Germany.

Today’s deal comes two years after Tink landed $103 million (€85 million) in a funding round that boosted its total raised to $308 million. The acquisition also comes after Tink itself was bought out by Visa in June of 2021 for $2.1 billion (€1.8 billion).

Tink, whose open banking platform is used by more than 10,000 developers, was founded in 2012 and currently serves 18 markets from its 13 offices. The company is a two-time Finovate Best of Show Award winner, and most recently demoed at FinovateEurope 2019.

FinovateEurope 2022 is right around the corner. If you are an innovative fintech company with new technology to show, then there’s no better time than now and no better forum than FinovateEurope. To learn more about how to demo your latest innovation at FinovateEurope 2022 in London, March 22 to March 23, visit our FinovateEurope hub today!

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CRIF Partners with Swoop Funding to Help Small Businesses Unlock Working Capital

CRIF Partners with Swoop Funding to Help Small Businesses Unlock Working Capital
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, CRIF, Daily news

Late last month, credit management solutions provider CRIF announced plans to team up with Swoop Funding, a business funding and savings platform. CRIF anticipates the partnership will help the U.K.’s community of 5.9 million SMEs access more funding and ultimately grow.

Swoop will leverage CRIF’s Credit Passport business credit scoring technology that provides real time credit scores for SMEs. This tool will benefit both Swoop and the small businesses themselves. Swoop will help match businesses with funding and savings products. For businesses with lower credit scores, this will help them potentially find previously unavailable sources for working capital. The partnership will also offer SMEs insights into their businesses’ financial performance and viability, and help them see how lenders view them.

“We designed Credit Passport to remove friction in the lending decisioning process and help SMEs get the right funding for them, when they need it, as well as to help educate businesses so they can build the most financially healthy and resilient companies,” said CRIF Realtime Chief Product Officer Glen Keller. “CRIF’s partnership with Swoop puts us at the heart of the U.K.’s SMEs with useful information at a time when they need it the most and will really make a difference to the market.”

CRIF’s Credit Passport helps bridge the gap between the financial industry and business owners. The tool leverages open banking to offer lenders a view into SME’s credit quality and will give Swoop’s SME clients insight into their own business credit score.

Swoop was founded in 2018. The company’s business funding and savings platform helps SMEs discover the right funding solution– ranging from loans to equity to grants– to fit their need. Swoop also has a business financial management (BFM) spin, and offers tools to help businesses identify savings opportunities. The company has matched its more than 79,000 customers with over $187 million in funding.

Italy-based CRIF was founded in 1988 and has more than 5,500 employees working across 70+ subsidiary companies on four continents. The firm counts 10,500+ financial institutions, 600 insurance companies, and 82,000 businesses as clients. In all, one million consumers in 50 countries use CRIF’s services. In 2020, CRIF acquired PFM company Strands to complement its customer acquisition, portfolio management, and credit collection tools. Last year, CRIF participated as an investor in nine fintech funding rounds.

Photo by Ketut Subiyanto from Pexels

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Credix Raises $2.5 Million

Credix Raises $2.5 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding

Decentralized credit platform Credix landed $2.5 million in early stage seed funding this week. The Belgium-based company will use the fresh capital to speed up the release of its alpha version and launch its protocol on the Solana mainnet.

DRW Cumberland and ParaFi Capital led the round. The Transfero Swiss BRZ Solana Ecosystem Fund, Solana Ventures, Parrot Finance, MGNR, Mercurial, Petrock Capital, Fuse Capital, and several angel investors also contributed.

Credix was founded just last month by Thomas Bohner, Maxim Piessen, and Chaim Finizola. The team is seeking to bridge the gap between decentralized finance and real-world assets, bringing uncollateralized loans to emerging markets, starting with Latin America.

“The rise of DeFi, crypto, and stablecoins provided Credix with all the required lego blocks to rethink the end-to-end debt capital markets flow,” said Bohner. “Credix is democratizing access to credit investing for both borrowers and investors by connecting them through a decentralized credit marketplace.”

Along with today’s funding announcement, Credix also appointed four new members to its advisory team. Chike Ukuagbu, Head of Crypto Strategy-Emerging Markets at Visa; João Bezerra Leite, Former Managing Director and CTO at Bank Itaú; Reginald de Wasseige, Investor at Augmentum; and Kenneth Bok, Managing Director Blocks, ex-Goldman Sachs will all serve as advisors to the Credix team.

In the next few weeks, Credix will launch its first credit lines for Latin American borrowers. In the first quarter of 2022, the company will extend access for underwriters and liquidity providers and will open the pool to the community within the first half of next year.

Photo by Shubham Dhage on Unsplash

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Rocket Companies Acquire TrueBill

Rocket Companies Acquire TrueBill
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions

Rocket Companies, the parent company of tech-driven real estate, mortgage, and financial services businesses, acquired personal finance app TrueBill today. The deal is expected to close by the end of the year for $1.28 billion in cash.

“We are very impressed with what Truebill has created – providing a simple, intuitive client experience to help its users save significant money,” said Rocket Companies CEO Jay Farner. “The company is a perfect fit for the Rocket platform. Truebill’s work helping Americans keep track of their finances and providing guidance that leads to better financial outcomes follows the same philosophy as Rocket Companies – leveraging the power of technology to remove the friction from complex transactions – and applies it to everyday life.”

Founded in 2015, TrueBill helps its 2.5 million members manage subscriptions, improve credit scores, track spending and renegotiate bills. The company analyzes $50 billion in transactions each month and has saved consumers a total of $100 million.

For Rocket Companies, the purchase will push the subsidiaries toward their goal of creating a centralized destination for consumers to manage their entire financial lives. Rocket Companies will also benefit from Truebill’s recurring revenue, which is on track to generate $100 million each year. This figure is more than double the annual revenue the company generated in 2020.

As for its own operations, Rocket Companies generates $1.3 billion each year from the monthly payments made by the organization’s 2.5 million clients for mortgage servicing.

Photo by Mike Kiev on Unsplash

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