Exit "Not Top of Mind for Fintech Startup, Hometap"
August 24, 2022
Eugene Wong, Hometap’s new CFO, told the Business Journal that actively seeking an exit or thinking about an exit is not high on the priority list. Needham native Wong officially joined Hometap last month, taking the reins from former chief financial officer Tom Corra.
“An exit is not top of mind for us right now,” Wong, 35, said in a recent interview. “For us, the focus remains growing the business, serving our homeowners and ensuring that we have an A-plus platform that can scale for the future.”
Wong joined Hometap on July 11 from another Boston-based, privately held startup in the fintech space: Forward Financing, which provides funding to small businesses. Instead of small businesses, Hometap offers cash to homeowners in exchange for a share in their home’s future value – an equity share, not debt. The company sees returns when homeowners sell or refinance their properties or buy the company’s equity percentage out.
This article originally appeared on Business Journal. Read the article here.