DealmakingProptechReal Estate Tech

Acorn Finance and Joist partner to embed finance offers into mobile platform

Today, Acorn Finance, an embedded lending marketplace for home improvement, announced partnering with EverPro solution Joist, according to a press release shared with FinLedger.

The partnership will embed financing offers from multiple lenders into Joist’s mobile estimating and invoicing platform, with no additional cost or onboarding effort for small- and mid-sized businesses (SMBs).

“The strategic partnership with Acorn will enhance our solutions by empowering our users to offer multiple financing options to their customers during the estimating or bidding phase,” Kevin Geiger, vice president of Business Development for EverCommerce, stated in the release.

“We see a lot of potential to bring the power of the Acorn Finance marketplace to Joist and other EverPro solutions,” Geiger said.

Acorn Finance says that the partnership places competitive financing offers in the hands of prospective clients at the point-of-sale (PoS), and enables home improvement contractors and service professionals on the Joist platform to grow sales.

The partnership shows that Acorn Finance is working to expand its offering, which uses a network of lenders to provide consumers more choices and lower rates for funding home improvement projects, across new ecosystems.

The company recently raised a $8.4 million Series A fund led by MassMutual Ventures in January, following an 800% increase in the number of customers applying for loans on the platform in 2021.

Acorn said at the time of that funding that it plans to expand the number of lenders in its marketplace by including regional banks and credit unions. It also said it plans to double its headcount in order to scale across the home improvement sales industry, which is expected to reach $510 billion by 2024.

“Joist and EverPro are ideal partners for Acorn Finance. EverPro is driving digital transformation across multiple industries in the service profession, and Acorn is making financing simple, hassle-free and digital,” said Giri Addanki, founder and CEO of Acorn Finance.

“By embedding our financing solution, Joist is putting an easy-to-use, no fee option in its user’s hands to provide homeowners more choices and better offers,” Addanki said.

In other recent proptech news, major industry VC Fifth Wall halted its plans for a SPAC merger following volatility in the stock market. Veev also announced raising a $400 million Series D to scale its tech-enabled prefabrication homebuilding operations.

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