What’s Happened: On the heels of a record year, Pontiac, Michigan-based United Wholesale Mortgage announced this week it will merge with special purpose acquisition company Gores Holdings IV Inc in a deal that would value the firm at $16.1 billion.
What’s The Result: The deal would provide United with up to $925 million for the execution of emerging growth opportunities. The reasons United is going public are technology innovation, notoriety for brokers, consumer education and increased ownership, CEO Mat Ishbia told Benzinga.
“We’re already a leader in technology,” Ishbia said, “and we’re going to roll out some really big things between now and the end of the year, early next year.”
What Happened: NYCE formally announced it became the fastest real estate company to raise $1 million on the Wefunder and Republic investing platforms.
What Is NYCE: NYCE is a fintech specializing in real estate investing opportunities.
The company is a pioneer in the tech-driven investing space, using a Robinhood-like app to allow micro-investors to buy into real estate for as low as $10.
Why It Matters: In light of the COVID-19 coronavirus pandemic, the wealth disparity between different classes and demographics became increasingly apparent.
As a result, Martin Braithwaite, a soccer player for FC Barcelona, and Philip Michael, author of “Real Estate Wealth Hacking: How To 10X Your Net Worth In 18 Months,” spearheaded funding efforts