USA – Tongo, a NYC-based FinTech company realigning income and expenses for the commission economy, raised $7m in seed funding.
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. The company will use these proceeds to expand product and team in its initial market of real estate.Founded in 2021 by Brandon Wright, Luis Scull, John Macris and Patrick Waltinger, Tongo partners with real estate brokerages to offer their agents flexible, real-time and low-cost access to future commission income long before closing via a card-based product. The Tongo Smart Card can be utilized wherever debit cards are taken, and funds can be pushed directly into one’s checking account. Once a commission is received, the borrower pays down the balance on their card. If a contract falls through, Tongo provides the borrower with the flexibility to pay down the balance the next time a commission is received. Tongo only gets repaid when an agent collects — whenever that happens next. 29/09/2022
