The 10 Most Innovative Companies in Personal Finance of 2023

Many Americans are house rich but cash poor. Hometap offers them a trade-off in the form of a twist on traditional home equity financing: Cash today, up to $600,000, in exchange for a share of the home’s appreciation in the future. Borrowers don’t need to pay off the loan for up to 10 years. For homeowners with little cash flow to spare for monthly payments, that can be a very good deal. In January 2022, the Boston-based company raised its third institutional asset fund worth $245 million from investors— including Bain Capital—to fuel its growth, and of the more than 1,700 homes it’s invested in, 800 of them were in 2022. The company has focused in part on small-business owners, and in May 2022, it announced that it had invested more than $30 million in home equity to unlock small-business entrepreneurship. Hometap has also expanded geographically over the past year to serve 18 states.

Hometap is proud to be part of Fast Company’s list of the 10 Most Innovative Companies in Personal Finance of 2023.

This article originally appeared on Fast Company. Read the full article here.