Utah-based Divvy provides a homeownership system that buys houses and rents them back to users to help them access equity for mortgage affordability. Customers choose a home which Divvy purchases on their behalf, with the customer providing up to 2% of upfront value. Renters can then cash out their equity to purchase the home within a three year period, or renew their contract.

In 2021 company was acquired by Bill.com for roughly $2.5 billion and with a network of 25,000 real estate professionals. However since then a cooling real estate market and operational issues leading to higher than market rents and inefficient servicing of its properties has hit the company. It has responded with a restructuring, reducing its headcount to align with market conditions and focus on its core activities. With plenty of runway and a positive revenue it seems likely Divvy will overcome the current difficulties affecting the company and the broader proptech sector.