Hometap, an American fintech offering alternatives to home-equity lending, has raised $60m in a funding round led by American Family Ventures.

The round was joined by new and existing investors including Bain Capital, ICONIQ Capital, LLC, G20 Ventures, Pillar, and General Catalyst.

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Hometap will use the funding to hire people across all functional areas, scale channel partner programmes, launch new alternative financing products and services, and expand across the US.

The fintech offers homeowners debt-free cash in exchange for a share of their home’s future value.

When the customer settles the investment or sells the property, Hometap receives a percentage of the sale price or current appraised value as per the agreement.

The alternative lending fintech has raised $95m in funding since its inception in 2017 and doubled its headcount in the past year.

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American Family Ventures managing director Dan Reed said: “By leading this funding round, we’re casting another vote of confidence in the team’s ability to accelerate its progress. We look forward to a continued partnership that makes a positive difference in the lives of homeowners.”

Hometap CEO Jeffrey Glass said: “This new funding will reinforce our ongoing efforts to build our talented team, rapidly expand our operations, and grow our partner programs and distribution channels.

“We remain focused on delivering alternative financing solutions to more homeowners in need while continuing to provide the personalized service they’ve come to expect from us.”