NEW YORK--(BUSINESS WIRE)--Ribbon, Power Buying pioneer and homeownership company, today announced a milestone in granting nearly $2.5 Billion in Buying Power to fully-approved cash buyers on Ribbon in Q1 2022.
Founded in 2017, the company’s growth has been driven by deep relationships with real estate agents and lenders to collectively support everyday buyers. Ribbon is the only innovation in the space where buyers are encouraged to work with their preferred real estate agent, and loan officer of choice.
Ribbon is on a mission to make homeownership achievable through its market-leading RibbonCash offers. “When a Wall Street cash offer enters the mix with everyday conventional, FHA and VA buyers, any dream of homeownership is at risk,” Shaival Shah, CEO and co-founder of Ribbon.
“RibbonCash offers have upgraded and empowered those buyers – and they are far more likely to win that dream home than before, despite steep challenges.”
Ribbon has continued its pursuit of its mission in Q1, which included:
- $17 Billion in Annualized Buyer Power, exiting March;
- Ribbon’s strongest quarter to date with 28x growth since January 2021;
- Weekly active agents and loan officers up by over 500% on the Ribbon Offers platform; and
- A significant and increasing share of word of mouth users and repeat usage, while realizing greater than 3% of market share across Ribbon’s core markets.
Ribbon Introduces Buy Box Expansion; Seller Possession
In order to better enable buyers’ freedom of choice, this quarter Ribbon expanded its buy box of eligible houses to $150,000 - $1 Million, and expanded the eligible home age to 1960. This will open up 20% more inventory for Ribbon buyers in operating markets. Ribbon also introduced options for Seller Possession, which provides compelling flexibility for sellers in multiple offer situations.
“The consumer choice enabled by these improvements meets buyers at every stage of life, and recognizes the game-changing options sellers look for in a market like this one,” said Frances Bryant, Director of Financial Products & Programs.
Buyers - along with their agents and loan officers - face less choice in inventory, fewer tailored solutions, and increased leverage on the seller side.
“By working with - not against - local real estate agents and lenders, we can monitor and adjust our products in ways that meet market needs early. We see every close as ensuring wealth and equity stay with the local community of buyers, and small businesses,” Bryant said.
Indiana, Missouri, Oklahoma, Virginia Launched in Q1
With the latest funding round, Ribbon announced an aggressive goal of expanding its footprint to half of the United States by the end of 2022.
In the first quarter, Ribbon expanded to four states - Indiana, Missouri, Oklahoma and Virginia - kicking off expansion into Mid-Atlantic states and the Midwest. In Missouri, the first RibbonCash offer was made in under 24 hours.
Ribbon plans to best this quarter’s expansion, with six state launches planned for launch in Q2.
“We’re in the midst of another great American migration. As Americans settle into their new, post-pandemic lifestyle, we are here to help local community members, and families relocating,” said Wei Gan, CTO and co-founder. “Mortgage-eligible, everyday buyers are feeling the pain of a market that doesn’t see their offers as worthy of consideration. We disagree, and we stand by our promise to empower these buyers in half of the United States by the end of 2022.”
Ribbon currently operates in North Carolina, South Carolina, Texas, Tennessee, Georgia, Alabama, Florida, Oklahoma, Virginia, Indiana and Missouri. Agents and Lenders can sign up for clients, and Ribbon holds weekly trainings on RibbonCash, and its benefits to buyers and sellers.
About Ribbon:
Founded in 2017 in New York and Charlotte, Ribbon is on a mission to make homeownership achievable. Ribbon allows everyday families to compete on a level playing field with high-net-worth individuals and institutional buyers by upgrading their offers to winning RibbonCash Offers. As the leading real estate technology platform, Ribbon empowers agents, brokerages, and lenders to create a world-class experience for home buyers and sellers through powerful financial products and digital workflow software. Visit ribbonhome.com.
