Renovate America
Renovate America was a San Diego-based private consumer finance company that originated unsecured home improvement loans (Benji) and Property Assessed Clean Energy financing (HERO) via a contractor partner network and direct-to-consumer channels, serving homeowners seeking financing for energy-efficient and renovation projects.
- Company typePrivate
- Founded2015
- HeadquartersSan Diego, United States
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
What Renovate America does
Renovate America, Inc. is a San Diego-based private consumer finance company that originated two residential home improvement financing products: the Benji unsecured installment loan and the HERO Property Assessed Clean Energy (PACE) program. The HERO product financed energy-efficient, water-efficient, and hurricane-resiliency home improvements repaid through property tax assessments, while Benji provided fixed-rate unsecured installment loans for general renovation projects. The company operated a dual-channel distribution model combining a national contractor partner network (HVAC, roofing, solar, windows, plumbing, and remodeling trades) with direct-to-consumer channels via website, mobile app, and call center.
The technology stack centered on a financing origination platform with contractor-facing tools including a web-based contractor portal, mobile field-sales applications, and a contractor marketplace, alongside homeowner-facing portals for application status, payment management, and balance inquiries. Lending operations were conducted through a wholly-owned subsidiary, Personal Energy Finance, Inc. (d/b/a Renovate America Financing, NMLS #1431485). Renovate America built what it described as the world's largest PACE green bond securitization platform, completing 13 securitizations including a $206.1 million asset-backed HERO bond issuance, and executed multiple Benji loan portfolio sales ($90M April 2018, $34.5M May 2018, $38M August 2018) to regional banks.
The business model relied on transaction-based revenue: interest income and gains on sale of originated loans for Benji, and program/securitization fees on HERO PACE financings. The company raised approximately $350 million in equity and debt across its history (notably a $200M round from Bank of America in February 2017) and served over 130,000 HERO homeowners. In September 2020, Renovate America exited the PACE market to concentrate on Benji; in December 2020, the company filed for voluntary Chapter 11 reorganization and signed a definitive agreement to sell Benji assets to Finance of America.
Renovate America firmographics
Firmographics- Name
- Renovate America
- Legal name
- Renovate America, Inc.
- Website
- https://renovateamerica.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Acquired
- Headcount range
- 251–500 employees
- Short description
- Renovate America was a San Diego-based private consumer finance company that originated unsecured home improvement loans (Benji) and Property Assessed Clean Energy financing (HERO) via a contractor partner network and direct-to-consumer channels, serving homeowners seeking financing for energy-efficient and renovation projects.
- Ownership category
- akta.pro rank
Renovate America industry classification
Industry- Product category
- Consumer Home Improvement Financing
- NAICS
- Residential Remodelers (236118)
- akta.pro primary industry
- Home Improvement Personal Loans (Unsecured Installment) (FSAKAAAE)
- akta.pro secondary industries
- Renovation Mortgage Origination (FHA 203(k), HomeStyle, CHOICERenovation) (FSALAAAL), Renovation/Remodel-to-Perm Financing (Owner-Occupied) (FSALAHAF), Rehab-to-Rent / Fix-and-Rent Financing (FSALAHAG)
Keywords
Where Renovate America is headquartered
LocationHeadquarters
- HQ city
- San Diego
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Renovate America business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Others
Revenue model
- Benji Financing Interest: Renovate America generates revenue through interest charges on unsecured home improvement loans offered under the Benji product. Homeowners pay fixed monthly payments with competitive fixed interest rates over the loan term.
- HERO PACE Financing: Revenue generated from PACE financing programs where homeowners repay improvements through property tax assessments. The company facilitates financing and earns fees from the financing arrangements.
- Benji Loan Portfolio Sales: Renovate America sells loan portfolios to financial institutions (e.g., $90 million portfolio sale in April 2018, $34.5 million sale in May 2018), generating upfront capital rather than holding all loans on balance sheet.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Benji Unsecured Financing - Fixed rate installment loans for home improvements |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
Renovate America product offering
Product offeringCore offering
Renovate America provides home improvement financing products to U.S. homeowners through a contractor-driven channel. Its primary product, Benji, is an unsecured fixed-rate installment loan used to finance renovations such as HVAC, roofing, windows, solar, and plumbing. Its secondary product, HERO, is a Property Assessed Clean Energy (PACE) financing program repaid through property tax assessments for energy- and water-efficient upgrades. The company supports these products with contractor-facing tools (web portal, mobile app, sales tools, training) and homeowner-facing portals for application status, payments, and contractor matching.
Product overview
Renovate America operates a dual-product financing platform for home improvement projects. The core offerings consist of Benji Financing (unsecured home improvement loans) and HERO Financing (Property Assessed Clean Energy/PACE financing). Benji is positioned as the company's primary focus following its 2020 exit from the PACE market. The platform includes contractor-facing tools including a web portal, mobile app, and marketplace, as well as homeowner-facing portals for account management and application tracking. The company also offered Commercial PACE financing for business properties.
Differentiator
Problem solved
Functional benefit
Brands
- HERO: Property Assessed Clean Energy (PACE) financing program for residential home improvements including solar, energy-efficient upgrades, and hurricane protection.
- Benji
- Benji Payments
Products and services
- Benji Financing Unsecured home improvement loan product that allows U.S. homeowners to finance renovation projects through fixed monthly payments at competitive fixed interest rates, offered through Renovate America's contractor channel and direct-to-consumer website; after 2020 the company's primary focus product.
- HERO Financing Residential Property Assessed Clean Energy (PACE) financing program that enables homeowners to finance energy-efficient, water-efficient, and hurricane-resiliency home improvements through assessments on their property tax bills, historically Renovate America's flagship offering and the foundation of its PACE green bond securitization platform.
- Contractor Marketplace Web-based marketplace that connects homeowners searching for home improvement services with Renovate America's registered contractors who offer Benji and HERO financing at the point of sale, serving as the top-of-funnel demand-generation channel for the contractor partner network.
Quantifiable outcome
- Over 130,000 homeowners have used HERO financing for home upgrades
- +3 more outcomes
Companies that use Renovate America
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles2 records
Renovate America technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Renovate America partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered core and supporting.
- Nortek Global HVACcoreNortek Global HVAC, a company with brands including Maytag, Broan, Frigidaire, Reznor and Mammoth, partnered with Renovate America to offer financing options for HVAC products. Nortek has been manufacturing heating and cooling solutions since 1919.
- Richards Building SupplycoreRichards Building Supply, a family-owned building supply wholesale distributor with over 60 locations in 13 states, partnered with Renovate America to enable contractors to offer financing options for customers purchasing building materials including roofing, siding, windows, decking, and doors.
- MORSCOcoreMORSCO, a leading U.S. distributor of commercial and residential HVAC, plumbing and waterworks with 204 branches across 17 states, partnered with Renovate America to provide contractors with financing tools and payment programs for heating and cooling equipment. The partnership enables contractors to offer affordable monthly payment options to homeowners for HVAC and plumbing projects.
- AC ProsupportingAC Pro is a family-owned heating and air conditioning distributor serving Southern California, Southern Nevada, and Arizona markets with thousands of products from top HVAC brands.
- EGIAsupportingEGIA (Electrical Generators Industry Association) offers contractors educational programs, cost-cutting discounts, and exclusive industry leading financing offers through their contractor membership platform.
- EmpowerSavessupportingEmpowerSaves provides custom energy efficiency packages for Ohio homeowners combining statistical utility data analysis, weather patterns and building science to help save money on energy bills.
- Halo Water SystemssupportingHalo Water Systems creates water quality solutions for plumbing contractors, providing products that ensure water quality upgrades are easy and effective.
- Hello GaragesupportingHello Garage specializes in garage improvements including flooring, storage and accessories, helping homeowners rethink their garage space as another room in the house.
- JOBPROGRESSsupportingJOBPROGRESS is an all-in-one cloud-based contractor business platform that is flexible and easy to use, supporting contractors in building and growing profitable businesses.
- ModernizesupportingModernize provides quality educational content and connects homeowners with industry-leading contractors for home upgrade projects.
- Service EinsteinsupportingService Einstein is a Non-Biased Home Improvement Trade Organization founded by industry leaders with a network of 8,000+ contractors offering training for all aspects of service business including financing.
- ShelfGeniesupportingShelfGenie offers Glide-Out shelves for homeowners, having expanded across the U.S. and into Canada through local franchisees.
- USA InsulationsupportingUSA Insulation has been serving homeowners for over 35 years with proprietary USA Premium Foam Insulation manufactured in Cleveland, Ohio with 35% higher R-value than traditional insulation.
Scale indicators10 records
Recent moves9 records
Expansion highlights6 records
Renovate America competitors and assessment
Company assessmentDirect peers
- Ygrene Energy Fund: Ygrene is one of the largest national PACE financing providers for residential energy efficiency, water conservation, and hurricane resiliency upgrades. Direct competitor to HERO in the residential PACE market with a similar contractor channel model.
- Mosaic: Mosaic (formerly Solar Mosaic) provides residential solar, home improvement, and PACE-style financing through a digital platform with a contractor and installer channel. Closely comparable to Renovate America's dual PACE-and-unsecured product strategy.
- GreenSky: GreenSky is a home improvement financing platform that delivers loan offers at contractor point-of-sale through bank partner balance-sheet funding, ultimately acquired by Goldman Sachs. Highly comparable business model to Benji's contractor-channel installment lending.
- Dividend Finance: Dividend Finance is a residential financing platform focused on PACE and home equity-style loans for solar, energy efficiency, and home improvements. Direct competitor with overlapping contractor distribution, and notably the prior employer of Renovate America's Chief Revenue Officer.
- Hearth: Hearth operates a home improvement financing marketplace connecting homeowners with lenders for remodeling projects, including financing tools for contractors. Comparable business model in matching homeowners and contractors to financing solutions.
- LightStream: LightStream (a Truist Financial brand) provides unsecured home improvement loans online with fixed rates and no fees, funded on Truist's balance sheet. Direct competitor to Benji in the unsecured home improvement installment loan category.
- EnerBank USA: EnerBank USA is a bank specializing in unsecured home improvement contractor-channel loans distributed through a national network of home improvement professionals. Closely comparable to Benji's contractor-funded installment loan model.
Emerging players
- Figure Technologies: Figure Technologies offers HELOC, home improvement, and home equity release products on a proprietary blockchain-based ledger, including point-of-sale contractor financing flows. Comparable fintech-driven approach to home improvement and housing-related credit.
Broad incumbents
- LendingTree: LendingTree operates a broad consumer lending marketplace including personal loans and home improvement financing options from multiple lenders. Broader incumbent providing comparable consumer-facing home improvement loan demand.
- SoFi: SoFi is a large consumer fintech offering personal loans (including home improvement use cases), mortgages, and HELOCs on a national digital platform. Broader incumbent providing unsecured home improvement credit at national scale.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Renovate America social profiles
Digital presenceRenovate America financial estimates
Financial estimateRevenue estimate
Valuation estimate
Renovate America leadership team
Management profileNumber of profiles
Profiles10 records
Renovate America subsidiaries and ownership
Company hierarchySubsidiaries2 records
Renovate America funding detail
Funding detailFunding overview
Funding rounds5 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Renovate America M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Renovate America
What does Renovate America do?
Renovate America provides home improvement financing products to U.S. homeowners through a contractor-driven channel. Its primary product, Benji, is an unsecured fixed-rate installment loan used to finance renovations such as HVAC, roofing, windows, solar, and plumbing. Its secondary product, HERO, is a Property Assessed Clean Energy (PACE) financing program repaid through property tax assessments for energy- and water-efficient upgrades. The company supports these products with contractor-facing tools (web portal, mobile app, sales tools, training) and homeowner-facing portals for application status, payments, and contractor matching.
Is Renovate America a public or private company?
Renovate America is a private company. It is classified as venture growth investor backed and is currently acquired.
When was Renovate America founded?
Renovate America was founded in 2015. It employs 251 to 500 people.
Where is Renovate America based?
Renovate America is headquartered in San Diego, United States, in the North America region.
How does Renovate America make money?
Three revenue lines are on record. Benji Financing Interest is the primary driver. The others are HERO PACE Financing and benji Loan Portfolio Sales.
Who are Renovate America's main competitors?
Direct peers on record are Ygrene Energy Fund, Mosaic, GreenSky, Dividend Finance, Hearth, LightStream and EnerBank USA. Figure Technologies is listed as an emerging player. Broad incumbents are LendingTree and SoFi.
Does Renovate America have an API?
No public API is recorded for Renovate America.
What industry is Renovate America in?
Renovate America's product category is Consumer Home Improvement Financing. Its primary akta.pro industry code is FSAKAAAE, Home Improvement Personal Loans (Unsecured Installment), with a secondary code of FSALAAAL, Renovation Mortgage Origination (FHA 203(k), HomeStyle, CHOICERenovation). Its NAICS code is 236118.