OJO Labs announced its first foray into fintech on Thursday with its acquisition of Digs, a personal finance platform. Digs is an FDIC-insured platform that helps consumers set and track savings goals, learn about the buying process, and understand credit.
With this acquisition, OJO Labs hopes to help homebuyers and homeowners navigate financial responsibilities like saving for a down payment, securing the right lender, building equity and saving for renovations. It also enables OJO Labs to continue to add value for agents and loan officers by equipping them to better engage with consumers.
“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,” OJO Labs Chief Product Officer Charles Myslinsky said in a statement. “Digs has created a simple, easy-to-use platform that addresses consumers’ needs from starter home to forever home – it’s a noble cause, and we’re thrilled to join forces.”
Recent research by OJO Labs found that 70% of people who would like to own a home but haven’t started shopping say that financial readiness is their No. 1 barrier to homeownership. And Black and LatinX home shoppers are four times more likely to report financial readiness as a top barrier.
“Our mission is to help consumers reach their goal of homeownership and continue to build wealth,” Pat McLoughlin, co-founder and CEO of Digs said in a statement. “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.”
Financial terms of the agreement were not disclosed.
Last month, OJO Labs launched its OJO Select Network, an agent referral program that matches top performing agents with ready homebuyers or sellers based on an understanding of the agent’s skill set and the consumer’s needs.