Florida-Based FinTech Startup Acquired By World’s Largest Real Estate Network

The Wemlo team was fortunate to bring its prior startup experience to this new venture. 

Despite their experience and preparation and conversations with other major accelerators, including Y Combinator, it needed high-level strategic guidance and fundraising preparation that would align with their immediate capital needs.

Wemlo simply could not commit to an accelerator experience that required in-person participation because of the impact it would have on the operations – they needed an experience that would allow them high flexibility to continue running their business during a critical growth period on their roadmap. 

As an online and remote global accelerator, Newchip added immediate value to Wemlo in that it didn’t have to move across the continent to participate. 

Instead of having to leave everything behind and travel across the country to participate, Galley and his team remained back home to focus on running the team and scaling the business, “That was the biggest benefit of Newchip,” he said. 

Soon after joining Newchip, Wemlo was approached by RE/MAX Holdings, one of the largest real estate companies in the world for a potential acquisition.

 After close guidance, Galley and the Wemlo team felt confident to take advantage of the opportunity. “The Newchip team was always there any time had a question,” said Galley. “I believe even called them right around exit time to just push and say, ‘Hey, listen, we’re going to take the exit unless something phenomenal comes across our lap.’ They were always there. They always picked up the phone or responded to an email.” Ultimately, Wemlo was acquired. 

About Wemlo

As the industry leader for mortgage loan processing, Wemlo has developed the first solution for mortgage brokers that combines third-party loan processing with an all-in-one digital platform to connect mortgage brokers, loan originators, borrowers, and mortgage processors. With a history of bringing outdated business models into the digital era, Steven Galley, the Co-Founder of Wemlo, launched the company in 2019 after raising two rounds of funding and taking an exit from his previous company, Xendoo. His goal is to digitize mortgage loan processing worldwide.

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Armando Vera Carvajal

Armando Vera Carvajal

Armando Vera Carvajal is the Vice President of Product for Newchip, the largest global online accelerator focused on helping startups raise capital from professional investors. As one of the original product founders and pioneers, Armando is passionate about building new products with high potential for global reach and impact. Prior to Newchip, he was as a Research Manager at the Gerson Lehrman Group where he covered hedge fund clients in New York City involved in long/short, distressed credit, special situations, activist, and global macro investment strategies. Armando studied international relations and corporate communications at the University of Texas at Austin, along with global exchanges at the Nanyang Technological University in Singapore and at l’Institut d'études politiques de Paris (Sciences Po). Born in Mexico City, Armando immigrated to the United States of America when he was four years old and grew up in McAllen, Texas. His interests include painting, mountaineering, writing, film, world travel, kayaking, photography, reading, black coffee, running, and inspiring people to become agents of positive global change.

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