Mesa Secures $9.2M to Transform Homeownership Experience
Mesa Secures $9.2 Million in Seed Funding
Mesa, the pioneering homeowner membership platform, has officially emerged from concealment with an impressive $9.2 million in seed funding. A significant portion of this funding, $7.2 million, was generously led by Streamlined Ventures and saw participation from notable firms including Starting Line, Assurant Ventures, Vera Equity, Redwood Trust Horizons, and Clocktower Ventures. Furthermore, Mesa received an additional $2 million in venture debt from Silicon Valley Bank (SVB), a part of First Citizens Bank. This support is aimed at assisting Mesa in its vision to make owning a home more affordable and rewarding for all.
Addressing the Home Cost Crisis
In recent years, homeownership has escalated in cost, now consuming more than one-third of Americans' income. The staggering spending on homeownership, which exceeds $6 trillion annually, surpasses expenditures for defense, social security, and healthcare combined. This phenomenon has sparked an urgent need for innovative solutions to tackle the home cost crisis.
Understanding the Crisis
This situation transcends the mere housing market; it's an pressing home cost crisis that calls for decisive actions. Kelley Halpin, CEO and co-founder at Mesa, emphasizes this urgent requirement: “My co-founder Peyton Hayslette and I recognized how consumers routinely receive incentives and loyalty rewards for everyday purchases. However, for the most significant expenditure – your home – there has been no parallel reward system.”
Innovative Products by Mesa
Mesa has developed distinct products aimed at supporting homeowners in navigating these challenges.
The Mesa Mortgage Marketplace
The Mesa Mortgage Marketplace is designed to provide benefits and rewards for those obtaining a new mortgage or refinancing through lenders or brokers associated with Mesa. Homeowners engaging with this marketplace will enjoy rewards that equal 1% of their loan value upon closing. For instance, a homeowner securing a $500,000 loan could receive $5,000 in rewards points, creating a unique credit card style membership experience in the mortgage domain.
The Mesa Homeowners Card
Additionally, the Mesa Homeowners Card stands out as the premiere credit card tailored specifically for homeowners. Each month, cardholders accrue rewards not only on their mortgage payments but also on everyday spending in areas like fuel, groceries, utilities, and various home services. This card aims to enhance the overall financial experience for homeowners.
Utilizing Mesa Points
Mesa Points can be redeemed with partner brands or reinvested into the homeowner's mortgage, providing flexibility and value. The platform intends to expand its offerings to include rewards for various services, including home warranty plans, home equity lines of credit (HELOC), and different insurance products.
Collaboration with Industry Leaders
Mesa has united with some of the top brands globally to confront the home cost crisis. A pivotal partnership with Visa, a key player in digital payments, underscores this initiative. Erin Pursell, Visa's Vice President of New Business Development for Digital Partnerships, states, “Our collaboration with Mesa leverages Visa's digital payment capabilities to introduce options for homeowners that aim to alleviate the costs of homeownership.”
The Team Behind Mesa
The team leading Mesa boasts years of experience from major companies such as Uber, Robinhood, Block, Capital One, and American Express. Key personnel includes Shannon Cusick, a vital contributor in partnerships from Peloton and American Express; Tina Moore, a founding member of Bilt Rewards; and Nadia Asoyan, who was integral at Robinhood as the firm's first finance hire.
About Mesa
Mesa is dedicated to revolutionizing homeownership affordability and enriching the homeowner experience. Backed by seasoned founders from various fintech backgrounds, the platform aims to generate genuine value for consumers facing a tremendous annual expenditure of $6 trillion linked to homeownership.
Mesa operates not as a mortgage lender or broker but provides essential advertising services for those in the mortgage lending industry.
Frequently Asked Questions
What is Mesa's primary mission?
Mesa aims to make homeownership more affordable and rewarding, providing value to consumers based on their home spending.
How much funding has Mesa raised?
Mesa has raised a total of $9.2 million in seed funding to support its initiatives.
What are Mesa's key products?
Mesa offers the Mesa Mortgage Marketplace and the Mesa Homeowners Card, designed to provide rewards for homeowners.
How do Mesa Points work?
Mesa Points can be redeemed with partner brands or applied towards a homeowner's mortgage balance for additional savings.
Who is behind Mesa's team?
The Mesa team includes experienced individuals from recognizable companies like Uber, Robinhood, and American Express, focusing on enhancing the homeowner experience.
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