Gain exclusive insights into the future of tech innovation and entrepreneurship from Michael Gifford, CEO of Splitero. Don’t miss this inspiring interview!
1. Michael, please introduce yourself to our audience. Give us a brief overview of your professional journey till now.
I’m the CEO and Co-Founder of Splitero, a financial technology company that helps homeowners access their home equity and better their lives. I am a consumer-focused, experienced executive passionate about building businesses that serve the best interests of homeowners.
Before starting Splitero, I served as a Vice President at Sundae. I was a founding team member and helped develop the company’s platform for homeowners looking to sell their homes off-market in as-is condition for the best price. Before that, I was part of the initial team at LendingHome and led the sales department. While at LendingHome, I owned three HomeVestors Franchises in Southern California and Oregon. I’ve acquired more than 1,000 homes and originated more than $250 million in business-purpose investment loans.
2. Tell us about Splitero and its distinct offerings and services.
Splitero provides home equity investments that allow homeowners to receive a lump sum of cash in exchange for a share of their home’s appreciation with no additional monthly payments and no new debt. A few important distinctions, these are not loans, and we are not a bank. Our home equity investment does not require income or a minimum credit score to qualify. Homeowners working with Splitero can keep their low-interest mortgages and stay in their homes.
3. What inspired you to venture into the financial services space? How do you like entrepreneurship so far?
Working in real estate my entire career, I witnessed firsthand the lack of resources available to homeowners to access the equity trapped in their homes. I wanted to take my experience in the real estate space and create a product that could help those homeowners who want or need to access their home equity and may not otherwise qualify for other traditional financing options. It has been so rewarding to turn an idea into a product that has helped so many homeowners. I’ve enjoyed growing the company with my co-founder, David, navigating the challenges of start-up life, and celebrating the successes of our team.
4. According to you, what are the biggest needs of homeowners? How is Splitero providing for these needs?
Millions of homeowners have substantial home equity they cannot access. Our financial system has too much red tape and requires a certain credit score or debt-to-income ratio, which many homeowners still need to meet. Splitero helps homeowners access their home equity without income or minimum credit score requirements, no additional monthly payments, and no new debt. Most homeowners use their funds to pay off high-interest debt, pad their savings or retirement funds, or make home renovations.
5. What are the core values upon which Splitero is built? Tell us about the vision and mission of the organization.
Splitero’s mission is to provide homeowners with better options to access home equity without new debt or additional monthly payments. We are an approachable, trustworthy, and reliable option for homeowners who are there for you every step of the way.
6. What are the most prominent challenges that one faces while working in the real estate sector? How do you overcome these challenges?
Right now, the uncertainty in the economy and financial sectors is the most significant challenge, especially for long-term planning. In times like these, adaptability is the key to success.
7. Could you tell us about your expansion plans? How do you strategize Splitero’s growth in the coming years?
With our recent Series A announcement, we also announced our expansion to Utah and Oregon. We now help homeowners in 5 states, including California, Washington, Colorado, and the two new ones in the Pacific Northwest. Our plans are to maintain our tremendous growth trajectory and expand to additional states in 2023. We’ll continue to evaluate where we can best help homeowners as we grow to become the largest home equity partner.
8. What advice would you offer to budding entrepreneurs and enthusiasts aspiring to venture into the financial services sector?
You will learn more from your most challenging moments as a founder than your successes. Take time to reflect on those situations, but have a short memory and thick skin because the resistance to change will always outnumber your supporters.
9. With tech advancements disrupting every industry, how does Splitero align its offerings with these modern technical developments?
10. Who or what would you say has had a great impact on your life? How has it changed your perspective of looking at things differently?
My mom has been a small business owner for 30-plus years. She is resilient, incredibly hard-working, always willing to help others, and has a knack for seeing the silver lining in difficult situations. This has had a profound impact on my perspective.
