OJO Labs has acquired Digs, a Chicago-based personal finance app that lets people save for a down payment on a home, manage the equity in their home, and monitor their credit score.
It’s OJO’s fourth acquisition since launching in 2015. The financial terms of the deal were not disclosed.
With the acquisition of Digs, OJO Labs expands into the financial technology market and it strengthens the company’s real estate platform that lets people buy and sell homes.
Now with OJO, people can do everything from saving for a down payment to finding a home loan.
“Through our relationships with millions of consumers and their trusted providers, we know that financial readiness is one of the biggest sticking points. We also know that once people buy a home the financial challenges shift from readiness to management,” Charles Myslinksky, Chief Product Officer of OJO Labs, said in a news statement. “The acquisition of Digs enables us to provide that much-needed, personalized guidance during the buying process and seamlessly transition the consumer to managing their home as an asset..”
Digs, founded in 2018 by Chad Johnson, Joseph Ahern and Pat McLoughlin, raised an undisclosed amount of funding, according to Crunchbase.
“Our mission is to help consumers reach their goal of homeownership and continue to build wealth,” said Pat McLoughlin, co-founder and CEO of Digs. “Access to financial resources is limited and often generalized, leaving many aspiring and current homeowners without guidance. This is a massive problem and OJO Labs recognizes it. They are the perfect company to help us achieve our mission at scale.”
To date, OJO Labs has raised $138.5 million and Digs is its fourth acquisition. In June, OJO Labs acquired Movoto, a real estate search site. And last October, OJO Labs acquired Austin-based RealSavvy to create an even bigger platform for real estate brokers, agents, and teams and the customers they serve. And in 2018, OJO Labs merged with real estate data giant, WolfNet Technologies, based in St. Paul, Minn.
Preparing to buy a home requires savings, credit monitoring, and more and Digs helps people meet those needs, according to OJO Labs. It is particularly helpful to Black and LatinX consumers who report financial readiness as the top barrier to homeownership, according to OJO Labs research.
“We recognize that the decision to buy a home is one of the most significant decisions in life,” John Berkowitz, CEO, and Co-Founder of OJO Labs, said in a news release. “Yet many people are treated unfairly along the journey, and not everyone has access to the same resources. “Solving for inequity in home buying is a massive undertaking, and we firmly believe everyone deserves a place to call home, build wealth, and live out their dreams. This acquisition marks the first step of many to level the playing field by meeting people where they are, providing clarity and guidance at just the right time, and helping eliminate barriers that stall progress.”
