The modern-era consumer credit score system is broken, locking millions of potential homeowners out of the American dream according to Ready Life, a new fintech backed by Figure Technologies Inc.
The company is pioneering a revolutionary mortgage lending model that relies on good rental payment history to qualify buyers for home purchases.
“We are rewriting the rules for homeownership,” says Ready Life CEO Ashley D. Bell, a corporate finance attorney and a former White House Policy Advisor for Entrepreneurship and Innovation. “The current system isn’t working, so Ready Life has created a way to help individuals get into a home of their own based on the factors that matter. We believe that a family with a documented history of paying their rent on time will pay their mortgage in the same fashion.”
When the Ready Life platform launches this Fall, consumers who pay their rent on time using the Ready Pay VisaⓇ Debit Card will qualify for mortgages without a credit score review.
Figure Technologies, Inc. serves as both an investor and Ready Life’s technology partner. Figure is the leader in blockchain-based fintech infrastructure and has developed backend technology that will enable Ready Life customers to benefit from faster, less expensive transactions. Ready Life will leverage the Provenance Blockchain–which is the only public, decentralized blockchain used by U.S. Banks, with billions of dollars of digital financial assets transacted across lending, payments, and marketplaces.
“Figure is proud to be an investor and partner for the tech infrastructure for Ready Life,” says June Ou, Cofounder and COO of Figure Technologies, Inc. “Ready Life represents a forward thinking mission-based fintech solution that utilizes blockchain technology and payment solutions to support consumers and small business owners in building a viable pathway to create generational wealth.”
Ready Life Financial, Inc consists of a suite of financial products and services with three core pillars:
- Ready Pay – VisaⓇ Debit Card
- Ready Mortgage – Mortgage lending with no credit score required
- Ready Merchant – Merchant Payment Services
To lead its robust rollout of fintech products, Ready Life has tapped Steve Payne as Chief Technology Officer. Payne is no stranger to utilizing fintech as a tool to create opportunities for underrepresented communities and he has a wealth of successful tech experience that includes leading technology development at SoFi and serving as the CTO at MoCaFi.
“I’m very honored to join the Ready Life team. I’m motivated by the mission and the opportunity to build innovative fintech products that help communities build generational wealth,” Ready Life CTO Steve Payne shares. “Just as there are food deserts and medical deserts in many urban and rural areas, there are also financial deserts. Our technology, built on blockchain, helps keep resources within communities and most importantly– provides a new path to homeownership that uses one’s current spending habits as key criteria for obtaining a mortgage.”
Dr. Bernice A. King, the daughter of the late Dr. Martin Luther King, Jr. and Coretta Scott King, serves as chair of the Ready Life advisory board and views its mission as an extension of her father’s work to reduce poverty and inequality. “I believe that Ready Life can help rectify decades of discrimination in the area of homeownership by helping to remove unnecessary barriers,” King states.
Ready Life will officially launch in the Fall of 2022 and is currently conducting its Series A funding round, led by Figure Technologies, Inc.