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Porch acquires mortgage automation software company Floify for $90M

Floify—a digital mortgage automation software company—is just the latest in a long line of recent acquisitions by proptech and home services platform Porch in their effort to bolster their presence in the homeownership space.

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Porch acquired Floify for a reported $76.5 million in cash and $10 million of Porch's common stock.

Floify's proprietary software streamlines the loan origination process by allowing document sharing and communication between loan originators and real estate agents.

Porch will use its most recent acquisition of Floify to expand its access to homebuyers who require key services such as insurance and warranty services by making the home purchasing and moving process that much easier for its customers.

Floify-logo

Floify is a solution that accelerates the mortgage origination procedure by allowing information exchange and collaboration between LOs and property brokers.

Founded in 2012, Floify helps close a staggering 77,000 mortgage applications each month. To date, Floify's software is used by more than 1,500 companies and the firm boasts a 130% annual revenue retention rate.

Approximately 70% of Floify's sales this year came from home purchases alone and that number is expected to increase in 2022 with $15 million in projected revenue for 2022 including $2 million in revenue to Porch for the remainder of 2021 once the acquisition deal closes.

Back in 2020, Porch went public via a special purpose acquisition company (SPAC) and has since been on a recent tear of acquiring companies that would help give them a stronger foothold in the homeownership industry including:

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With its most recent acquisition, Porch is now poised to become a leader in the homeownership space by providing software solutions to the key fragmented home services industries.