Property FinTech Reali to close, lay off employees – NMP
Reali, a California-based real estate and fintech platform, announced today that it will begin a shutdown and lay off most of its workforce on September 9, 2022.
The six-year-old company, based in San Mateo, Calif., did not say how many employees are on staff or how many jobs will be cut. It also did not state whether it will offer a severance package to laid-off employees.
In a profile of CEO Tyler Baldwin published in September 2021, the Silicon Valley Business Journal said Reali had 200 employees.
“Reali was one of the pioneering companies to offer the ‘buy before you sell’ and ‘cash offer’ programs to homeowners,” said Amit Haller, Reali’s co-founder and chairman, in a press release. “We believed deeply. in benefiting the consumer in all transactions. The six years Reali spent developing the supplies market in California helped elevate and transform the industry.”
Citing the challenging real estate and financial market conditions and unfavorable capital-raising environment, Reali said it decided the best course of action is to close.
Active real estate transactions will continue to be supported through the end of the year by a small team of employees, it said.
Reali said it is talking to companies that have expressed interest in acquiring specific parts of the business, including mortgage origination, title and escrow and power purchasing.
“We had an incredible six-year run that delighted homeowners,” Baldwin said in today’s news release. “We want to express our deepest gratitude to the thousands of homeowners who trusted Reali with their homes, the Reali team, our investors and those who rooted for us from the sidelines. It’s been a joy to serve our communities.”
Launched in 2016, Reali is a real estate and fintech company that said it created a “one-stop shop to make home ownership streamlined, accessible and stress-free every step of the way.” In August 2020, the company said it had raised $250 million in Series B funding. At the time, Reali said the funding would be used for national expansion and product development.
Reali said it leverages “first-of-its-kind technology and trusted real estate experts to serve home buyers, borrowers and sellers in a single integrated platform.” It offers a variety of alternative financing solutions that allow customers to buy and sell in one coordinated transaction, eliminate resale conditions, move twice and pay off two mortgages at the same time.
Company officials did not immediately respond to a request for comment.
