T
he homebuying process has undergone significant transformations, thanks to technology. Online platforms have made it easier to search and compare properties, prepare closing documents, and service mortgages. However, the fundamentals of the market remain unchanged. With mortgage rates at a two-decade high and home prices at an all-time record, existing home sales in 2024 plummeted to their lowest level since 1995.

    Only two real estate companies made it onto the Fintech 50 list this year, down from five in 2022. Valon, a cloud-based mortgage servicer platform, has proven its resilience by making its fourth consecutive appearance on the list. Its CEO and co-founder Andrew Wang, just 32 years old, has led the company to significant growth, with revenues reaching $50 million in 2024, up from $30 million the previous year.

    Valon's automated payment system allows borrowers to view their balances online, making it a valuable tool for mortgage servicing. The platform has also completed a $100 million Series C fundraise at a valuation of $1.1 billion. Aven, another real estate company on the list, has quickly gained attention with its innovative product: home equity lines of credit (HELOCs) that can be tapped via a credit card.

    Aven's automated approval process takes minutes, and borrowers receive their cards within days. The company has already secured over 30,000 customers, mostly high-earners with excellent credit scores, and reached $200 million in revenue on an annualized basis by the end of 2024. Despite its success, Groundfloor Finance Inc., a newcomer to the list last year, fell off due to stagnant growth.

    The two real estate companies that made it onto the Fintech 50 list are Aven and Valon. Aven issues HELOCs via credit cards, offering lower interest rates than traditional credit cards while reducing the approval time through its data and tech. The company has over 30,000 customers, mostly high-earners with excellent credit scores, and reached $200 million in revenue on an annualized basis by the end of 2024.

    Valon is a cloud-based mortgage-servicing platform that automates payments and allows borrowers to view their balances online. Its customers include major players in the industry, such as Rithm Capital and Marlin Mortgage. Valon completed a $100 million Series C funding round at the end of 2024, bringing its total capital raised to $220 million. The company is now planning to accelerate product development and expansion.

    Key statistics for Aven:

    * Headquarters: Campbell, California

    * Funding: $288 million from Khosla Ventures, Caffeinated Capital, and Max Levchin, among others.

    * Latest valuation: $1 billion

    * Date of last valuation: April 2024

    Key statistics for Valon:

    * Headquarters: New York, New York

    * Funding: $220 million from Westcap, a16z, and Rithm, among others.

    * Latest valuation: $1.1 billion

    * Date of last valuation: July 2024