Clever Real Estate has acquired Gravy Technologies, a startup that promotes homebuying and financial literacy.
Launched in 2021, Gravy created the first loyalty rewards platform for first-time homebuyers moving towards financial freedom. The mobile app gives users access to an FDIC-insured high-yield down payment account, a mortgage credit score hub, and homebuying coaches.
“The Gravy app is designed to be both the first step toward homeownership and each step thereafter. Save for a down payment, build your mortgage credit score, learn about the process, and ultimately find and finance your new house – all in one place,” Gravy co-founder and CEO Jeff Dinter told Forbes last year.
Gravy has since helped 30,000 people prepare for homeownership and earn $20 million in rewards, according to company leaders.
The app’s team, including Dinter and other co-founders Jimmy Lien and Will Dunn, will join Clever as part of the acquisition. Dinter will become Clever’s VP of Product.
The companies also emphasized Gravy’s “loyalty-as-a-service” solution for real estate agents and mortgage lenders who want to offer loyalty rewards to customers.
A 2022 report found that 79% of consumers are more likely to do business with a company because of its loyalty program. Housing professionals can benefit from that boost through Gravy.
“There is a loyalty arms race in real estate, as lawsuits challenge the structure of buyer’s agent fees and incumbents such as Rocket Mortgage invest huge amounts into their own loyalty apps,” Luke Babich, Clever co-founder and CEO, noted.
“Clever is leading the charge in equipping our lender and realtor partners with the networks and technology they need to compete with the best — and win.”
St. Louis-based Clever Real Estate, the company behind the recently launched Clever Pro, offers a realtor matching platform that gives sellers and buyers personalized realtor matches.
The company recently teamed up with HomeScout, a lender-focused platform dedicated to enhancing production and reducing loan costs in the mortgage industry.
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