Proptech/Fintech Firm Zippy Reaches $26M in Funding
The company provides “competitive loans” to people looking to buy manufactured housing.
Zippy, a cross between a proptech and fintech company that provides providing loans to consumers who want to buy manufactured housing, announced it had hit $26 million in aggregate funding after multiple rounds. The company told GlobeSt.com that it was not disclosing specific amounts for each round, so there is no way to gauge the financial importance of any given round and the potential influence of the investors on the company.
Zippy, which calls itself a “community-focused chattel lender” because chattel mortgages are for the purchase of movable property, said it had recently “raised additional investment from Brand Foundry and repeat investors to drive further scalability and fuel the growing demand for manufactured home loans.”
In February 2023, Nashville, TN-based FirstBank had announced its investment in Zippy’s Series A fundraising round.
“FirstBank has extensive experience in manufactured home lending and has invested in fintech partnerships that enable us to offer innovative solutions that meet the needs of our customers,” Wade Peery, chief innovations officer at FirstBank, said at the time. “In today’s housing market, finding new paths to affordable homeownership is critical. This partnership will make buying a home possible for many new individuals and families.”
“Zippy’s industry-first platform is at the core of their success and the investment will allow Zippy to continue on the success of providing community partners the technology needed to offer competitive loans to homebuyers – and offer loans in as little as 5-7 days from pre-approved to key-in-hand,” a company representative said in an email to GlobeSt.com.
“Through Zippy’s digital borrower portal, Community Home Sellers can manage their customers loan progress in real time, with the portal delivering new loan status updates, document requests, closing updates, and digital marketing tools,” the company said. “A similar experience for home buyers offers a digital borrower portal, a friendly loan officer guiding the process from start to finish, and a zippy-fast closing.”
The company currently offers manufactured home loans in 17 states: Alabama, Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Oregon, Kentucky, Michigan, Missouri, South Carolina, Texas, Virginia and Wisconsin. It has plans “to be in more than half of the country by the end of the year.”