T
ongo, a company focused on creating financial products for the commission economy, has seen significant growth in 2024. The company's platform offerings expanded, driving an impressive 179% year-over-year increase compared to 2023.
In September, Tongo launched its Financial Benefits Platform, designed to support real estate agents in achieving financial wellness. This platform complements Tongo's Commission Line of Credit (CLOC), which allows agents to access up to 60 days' worth of future commissions early. Together, these tools enable brokers to offer their agents a single platform for budgeting, managing expenses, and investing in business growth.
"Tongo's growth reflects the growing demand for financial solutions tailored to commission-based professionals," said Brandon Wright, CEO and cofounder. "Real estate agents often lack the financial stability enjoyed by salaried workers. Our Financial Benefits Platform and Commission Line of Credit help bridge this gap."
Tongo's steady growth in 2024 includes:
* 179% increase in agent members
* Millions of dollars distributed through its payroll platform for the commission economy
* Solidified relationships with top US brokerages representing over 40% of the agent population
* 100% retention on its Financial Benefits Platform
Brandon Wright discussed Tongo's origins and market challenges on the Tangent Podcast, while Chief Product Officer Anna Kinney shared her career journey and experience as a woman leader in FinTech on the Meeting You Where You're At podcast.
Tongo aims to provide commission-based workers with convenient and tailored financial solutions. The traditional banking system was designed for salaried workers, leaving this growing segment underserved. Tongo believes everyone deserves access to financial tools that help them thrive professionally and personally.
