Austin-based UpEquity, a tech-enabled mortgage company, announced it has closed on $50 million in funding.

S3 Ventures led the Series B funding which included $20 million in equity and $30 million in debt.

Other investors included Next Coast Ventures, BP Capital Management, Alumni Ventures, Gaingels, Launchpad Capital and Early Light Ventures. To date, UpEquity has raised $77 million.

UpEquity reported it has seen year over year revenue growth of 500 percent and it anticipates originating more than $1 billion in mortgages over the next 12 months.

UpEquity, founded in March of 2019, moved to Austin from Boston. The company has 90 employees. Its headquarters is at 3501 S. Congress Ave.

“Institutional investors have deployed a stunning $77 billion in a period of six months into single-family homes as an asset class with no signs of slowing down,” Charlie Plauche, partner with S3 Ventures, said in a news statement. “Your average homebuyer is now regularly competing against massive companies that can offer very attractive terms to sellers such as all-cash offers and fast close times. UpEquity’s technology is leveling the playing field for everyone by enabling average homebuyers to also make all-cash offers with market-leading close times.”

“At the end of the day, our vision is to create equal access to the American dream through frictionless, on-demand homebuying, and it starts with bringing technology into the underwriting process,” UpEquity Co-Founder and CEO Tim Herman said in a news statement. “By removing cost and inefficiencies from the mortgage process, our customers can make all-cash offers at zero cost to them and still get access to competitive interest rates. They get the best of both worlds.”

UpEquity allows homebuyers to make all-cash offers, which can make the difference between getting a house under contract quickly in a highly competitive real estate market.

“We’re giving our customers more choices than the legacy mortgage industry. We’re able to do so without sacrificing essentials like competitive mortgage rates and while providing an exceptional customer experience,” Herman said. “This gives the average American a more fair chance of winning the home they want.”

UpEquity says it is able to close a mortgage in an average of 18 days, a much shorter and more efficient process, according to the company.

“We are impressed with the company’s vision to enable all Americans to win their dream home, even when faced with stiff competition from institutional investors,” Plauche said. “In short, UpEquity allows the average homebuyer to have a shot at competing with the large real estate investment firms of the world in the homebuying process. We are