FinTech News
Homeowner Membership Platform Mesa Raises $9.2 Million
A FinTech looking to build a rewards platform for homeowners has raised new capital.
About the round:
This week, Mesa announced that it had raised a total of $9.2 million — including $7.2 million in equity. The seed round was led by Streamlined Ventures with participation from Starting Line, Assurant Ventures, Vera Equity, Redwood Trust Horizons, and Clocktower Ventures. Also participating were “several other firms and strategic investors.” The $2 million venture debt portion of the deal was facilitated by Silicon Valley Bank (which is now a division of First Citizen Bank).
With these new funds, Mesa says it will continue its mission to make homeownership more affordable and rewarding. Specifically, the company intends to scale its team while also expanding membership features and growing its Mesa Homeowners Network partner roster.
About Mesa:
Mesa is building a homeowner membership platform — starting with two products: Mesa Mortgage Marketplace and the Mesa Homeowners Card.
With the Mesa Mortgage Marketplace, homebuyers and homeowners will be able to earn rewards when opening a new mortgage or refinancing via a marketplace lender. This includes earning 1% of their loan value in rewards at closing. For example, a homeowner who opens or refinances a $250,000 mortgage on the platform would earn $2,500 in points. These points can then be redeemed for travel, applied toward mortgage payments, and more.
As for the Mesa Homeowners Card, the company describes it as the first premium credit card designed for homeowners. In addition to earning rewards on monthly mortgage payments with the card, customers will also earn rewards on gas, groceries, utilities, repairs, home goods, insurance, and more.
Further details on these products (including any fees) are not currently available on the Mesa site. However, those interested can join a waitlist for updates.
According to Mesa, its team includes veterans of Uber, Amex, Robinhood, Capital One, Bilt Rewards, and Block (formerly Square). For example, the company’s Head of Partnerships Shannon Cusick led business development at Amex, while GM of Card & Rewards Tina Moore was on the Bilt founding team. Additionally, CFO Nadia Asoyan was the inaugural finance hire at Robinhood.
What they’re saying:
In a press release about the company and the funding round, Mesa CEO and co-founder Kelley Halpin noted, “My co-founder Peyton Hayslette and I saw how consumers receive incentives and loyalty rewards for everyday purchases like coffee, airline tickets, and hotel stays. But the one thing you spend the most on – your home and all that comes with it? No one rewards that spend.” Halpin continued, “Our vision for homeowner membership is to give you value back for every dollar you spend on your home.”
My thoughts:
It comes as no surprise to me that someone who worked at Bilt is associated with Mesa as the credit card product sounds like Bilt but for mortgages. Seeing as I have personally moved from renting to owning, I am definitely interested in what Mesa is building and look forward to hearing more details (which is also why I joined the waitlist). That said, Bilt themselves have teased an expansion into mortgage payments, which may potentially set up a bit of a FinTech showdown. But, with the talent Mesa has in its corner, I suspect they’ll be able to hold their own.
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