Buformin

Tongo Raises $7M In Seed Funding

Retrieved on: 
Thursday, September 29, 2022

NEW YORK, Sept. 29, 2022 /PRNewswire/ -- Tongo—a FinTech company realigning income and expenses for the commission economy—announced it has raised $7 million in seed funding. The company will use these proceeds to expand product and team in its initial market of real estate, where Tongo empowers brokerages to offer agents on-demand access to pending commissions, which they can use like a line of credit to grow their business & stabilize cash flows. The round was led by MetaProp, with participation from New Valley Ventures, Good Friends, Launchpad, Elizabeth Street, Red Bike, Lab Ventures and Entrepreneur's Roundtable Accelerator. Tongo's fundraising to-date is $11 million.

Key Points: 
  • Their underwriting models prioritize steady, salaried incomes that work well with their monthly billing cycles.
  • It presents a huge opportunity for Tongo to create nancial products that realign income and expenses," said Tongo'sCEO BrandonWright .
  • Tongo partners with real estate brokerages to offer their agents exible, real-time and low-cost access to future commission income long before closing via a card-based product.
  • ABOUTTONGO: Tongo workslikeadebit cardonfuture income.Foundedin2021byBrandonWright, Luis Scull, John Macris and Patrick Waltinger, Tongo enables today's real estate professionals to invest in their businessesand themselvesall year long, privately, while commissions are still locked up.