About Spring EQ
Spring EQ is a company based in Philadelphia (United States) founded in 2016 was acquired by Cerberus Capital Management in August 2023.. Spring EQ offers products and services including Fixed-Rate HELOC, Variable-Rate HELOC, and Fixed-Rate Home Equity Loan. Spring EQ operates in a competitive market with competitors including Better Mortgage, loanDepot, Mr. Cooper, Hometap and Rocket Mortgage, among others.
- Headquarter Philadelphia, United States
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Sectors
Financial Services
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Phone
*********
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Website
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Social
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- Legal Name Spring Equity, Llc
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Annual Revenue
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Net Profit
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EBITDA
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Latest Funding Round
- Investors
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Employee Count
Employee Count
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Acquired by
Cerberus Capital Management
(Aug 31, 2023)
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Products & Services of Spring EQ
Spring EQ offers a comprehensive portfolio of products and services, including Fixed-Rate HELOC, Variable-Rate HELOC, and Fixed-Rate Home Equity Loan. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Offers fixed rates for predictable payments and flexible borrowing.
Provides variable rates for adjustable financial needs and expenses.
Delivers lump-sum funding with stable rates for major purchases.
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Software Development Team
22 people
Leadership Team
20 people
Sales and Marketing
16 people
Operations Team
12 people
Finance and Accounting
4 people
Senior Team
3 people
Human Resources and Administration
3 people
Data Analysis and Operations Team
3 people
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Funding Insights of Spring EQ
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Spring EQ
Spring EQ has secured backing from 1 investor, including venture fund investors. Prominent investors backing the company include Cerberus Capital Management. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Private equity and debt firm focused on multiple sectors
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Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Investments & Acquisitions by Spring EQ
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Spring EQ
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Spring Eq Comparisons
Competitors of Spring EQ
Spring EQ operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Better Mortgage, loanDepot, Mr. Cooper, Hometap and Rocket Mortgage, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Residential mortgage loans are facilitated via an online marketplace.
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Consumer loans for personal and home needs are provided online.
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Provider of an app-based platform for residential mortgage loans
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Provider of Home loans
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| domain | founded_year | HQ Location |
Residential mortgage loans are offered via an online platform.
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An online platform for mortgage lending and refinancing is offered.
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| Company Name | Domain | Founded year | HQ Location | Description |
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Multiple services are booked via an app-based platform.
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On-demand services are booked through an app-based platform.
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App based platform offering on demand delivery and ride-hailing services
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Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Spring Eq
Frequently Asked Questions about Spring EQ
When was Spring EQ founded?
Spring EQ was founded in 2016.
Where is Spring EQ located?
Spring EQ is headquartered in Philadelphia, United States. It is registered at Philadelphia, Pennsylvania, United States.
Who is the current CEO of Spring EQ?
Jerry Schiano is the current CEO of Spring EQ.
What does Spring EQ do?
Spring EQ was founded in 2016 in Philadelphia, United States, as a provider in the financial services sector. Home equity loans and related mortgage products are offered through its operations. The company is led by CEO Jerry Schiano and serves clients across the United States via its online platform at springeq.com. Focus is placed on accessible home financing solutions without emphasis on traditional banking structures.
Who are the top competitors of Spring EQ?
Spring EQ's top competitors include loanDepot, Better Mortgage and Rocket Mortgage.
What products or services does Spring EQ offer?
Spring EQ offers Fixed-Rate HELOC, Variable-Rate HELOC, and Fixed-Rate Home Equity Loan.
Who are Spring EQ's investors?
Spring EQ has 1 investor. Key investors include Cerberus Capital Management.