Rocket Companies, a Detroit, MI-based provider of a fintech platform consisting of mortgage, real estate and personal finance businesses, acquired Redfin, a (NASDAQ: RDFN), a Seattle, WA-based digital real estate brokerage.
The amount of the deal was not disclosed.
With he acquisition, the companies will:
- Introduce more consumers to the Rocket ecosystem
- Drive Rocket’s purchase mortgage growth
- AI, technology and personalization at scale
- Achieve significant synergies and earnings accretion
Led by CEO Glenn Kelman, Redfin is a real estate brand with over 1 million listings of homes for sale and rent and a technology-enabled real estate agency of over 2,200 agents.
Led by CEO Varun Krishna, Rocket Companies provides a digital platform that gives access to home financing in all 50 states across 3,000+ counties and parishes.
Upon closing of the transaction, it is expected that Redfin CEO Glenn Kelman will continue to lead the Redfin business, reporting to Rocket Companies’ CEO Varun Krishna.
