Tomo is a fintech startup that improves the homebuying experience by pairing a smarter and faster mortgage process with the best real estate agents to eliminate complexity, reduce cost, and put buyers in the best position to close.
Tomo wants to speed up the mortgage approval process and move it entirely online — like a PayPal for the mortgage industry.
Tomo was founded in 2020 by Greg Schwartz and Carey Armstrong. The company is headquartered in Stamford, CT, with offices in Austin, TX and Seattle, Washington.
Tomo Networks operates through its subsidiaries, Tomo Mortgage and Tomo Brokerage. Tomo now provides services in Michigan, Ohio, Florida, Colorado and Connecticut.
Tomo offers both a verified pre-approval, which does not require a “hard credit inquiry” and can be completed in three hours, and an underwritten pre-approval, which takes about a day and includes a “Closing Guarantee.”
Tomo offers a price match if homebuyers find better mortgage rates. It also discounts interest rates by 0.125% if customers use a Tomo Brokerage Partner Agent. The company partnered with real estate coach Tom Ferry to build out a network of agents.
Tomo is backed by DST Global, SVB Capital, Ribbit Capital, Zigg Capital, NFX, Telesoft Partners, Parker89, and others. The company raised $40M in a Series A round on Mar 21, 2022. This brings Tomo's total funding to $110M to date. The latest round valued Tomo at a $640M post-money.