Mentioned:
Opendoor wants to expand their presence in mortgages. And they’re making a new acquisition to do it.
What’s happening:
- Opendoor (NASDAQ: OPEN) has entered into a new deal to acquire mortgage platform HomeBuyer
Why it matters:
- HomeBuyer is one of the fastest growing data platforms for mortgages in America that directly connects potential home purchasers with lenders
Going deeper:
- The founder of HomeBuyer Dan Green will join Opendoor as part of the acquisition and will lead the growth of Opendoor’s mortgage business
- Opendoor has been rapidly refocusing their business model and approach to software lately after experiencing an enormous wave of excitement and retail investor buying that was largely fuelled by fund manager Eric Jackson taking an equity position in the company and the Opendoor co-founders Keith Rabois and Eric Wu rejoining the company
The fine print:
- Opendoor has not yet publicly disclosed the financial terms of the new acquisition of HomeBuyer
