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.
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 With a history of bringing outdated business models into the digital era, Steven Galley, the Co-Founder of Wemlo, launched the company in 2019 after raising two rounds of funding and taking an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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