Machine learning and artificial intelligence powerhouse Ojo Labs has moved to make it easier for home-buyers and home-owners to navigate financial responsibilities in the real estate industry. The company has completed the acquisition of personal finance platform Digs. The FDIC platform has made a name for itself on helping customers set and track savings goals.
Ojo labs- Digs Merger
Ojo Labs is yet to confirm terms of the deal even as it moves to help consumers for all income classes buy, sell, and save for a home. Digs app, which helps people manage their finances, will now be operated under the Ojo umbrella. Plans are also underway to integrate Digs tech into the AI-powered proptech platform.
With the acquisition, Ojo Labs is to make it easier for people to secure the right lender for home buying as well as build equity and save for renovations. Likewise, the company is poised to expand its footprint into adding value for agents and loan officers by making it easier for them to engage with consumers.
Similarly, Ojo Labs should be able to provide personalized guidance during the buying process. Likewise, it is looking to make it easier for consumers to transition the consumers to managing their homes an asset. The company has already created an easy to use platform that addresses consumers’ needs from a starter home to a forever home.
Enhancing Home Buying
Ojo Labs is looking to address most of the barriers that has made it impossible for people to buy homes. For instance, Blacks and Latinos have always cited financial readiness being the number one barrier to owning a home. In partnership with Digs, Ojo labs should serve buyers left out of the mortgage loan process. It is especially looking to service the needs of people looking to buy a home under $270,000
Access to financial resources has always been a big challenge leaving many people and current homeowners without guidance. By helping people relax their goal of homeownership, Ojo Labs should be able to generate significant value in the process.
Founded in 2015, Ojo Labs have carved a niche for itself in gathering user’s home preferences and budget. The company also uses an artificial intelligence system to talk to prospective buyers through the process of finding and buying process.
In the recent past, Ojo Labs has moved to strengthen its prospects in the homeownership business. It has already launched the Ojo Select network, an agent referral program that matches top performing agents with ready homebuyers.
Ojo Labs Growth
Ojo Labs raised $62.5 million in Series D funds in June and used the amount to buy residential real estate search site Mavoto. The acquisition spree comes on the heels of home purchases through the Ojo labs platform, increasing 130% in the first half of the year.
The number of users on the Ojo platform has also increased by 30%. In a bid to meet the ever-increasing demand, Ojo is looking to double in size before the end of the year. The company is currently hiring across the reams with the focus being on engineering and product management.