Renovate America

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.

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

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

• Home improvement financing
• PACE financing
• Unsecured consumer lending
• Contractor financing platform
• Green bond securitization

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Others

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core 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

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

13 partnerships are on record, tiered core and supporting.

• Nortek Global HVACcoreChannel Partner/ Reseller/ Distributor · 12 August 2020Nortek 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 SupplycoreChannel Partner/ Reseller/ Distributor · 31 March 2020Richards 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.
• MORSCOcoreChannel Partner/ Reseller/ Distributor · 14 February 2020MORSCO, 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 ProsupportingChannel Partner/ Reseller/ DistributorAC 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.
• EGIAsupportingChannel Partner/ Reseller/ DistributorEGIA (Electrical Generators Industry Association) offers contractors educational programs, cost-cutting discounts, and exclusive industry leading financing offers through their contractor membership platform.
• EmpowerSavessupportingChannel Partner/ Reseller/ DistributorEmpowerSaves 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 SystemssupportingChannel Partner/ Reseller/ DistributorHalo Water Systems creates water quality solutions for plumbing contractors, providing products that ensure water quality upgrades are easy and effective.
• Hello GaragesupportingChannel Partner/ Reseller/ DistributorHello Garage specializes in garage improvements including flooring, storage and accessories, helping homeowners rethink their garage space as another room in the house.
• JOBPROGRESSsupportingChannel Partner/ Reseller/ DistributorJOBPROGRESS 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.
• ModernizesupportingChannel Partner/ Reseller/ DistributorModernize provides quality educational content and connects homeowners with industry-leading contractors for home upgrade projects.
• Service EinsteinsupportingChannel Partner/ Reseller/ DistributorService 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.
• ShelfGeniesupportingChannel Partner/ Reseller/ DistributorShelfGenie offers Glide-Out shelves for homeowners, having expanded across the U.S. and into Canada through local franchisees.
• USA InsulationsupportingChannel Partner/ Reseller/ DistributorUSA 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

Direct 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

• Xx.com/renovateamerica
• YouTubeyoutube.com/c/RenovateAmerica
• Facebookfacebook.com/RenovateAmerica
• LinkedInlinkedin.com/company/renovate-america
• Instagraminstagram.com/renovateamerica

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds5 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Renovate America