Real estate crowdfunding platform Groundfloor announced on Tuesday its 2019 first quarter results and momentum. According to Groundfloor, Despite the government shutdown of the U.S. Securities and Exchange Commission for 35 days, it still experienced 123% percent non-GAAP first quarter revenue growth compared to the prior year first quarter.
Additional First Quarter momentum for Groundfloor is the following:
- Achieving a 166% increase in unit volume for loans closed in first quarter ’19 vs. first quarter ’18
- More than doubling loan application volume for first quarter ’19 vs. first quarter ’18 (121% increase)
- Selling more than $14.5M in real estate investments to retail investors on the platform
- Surpassing more than 60,000 registered users
- Eclipsing $100MM in loans to real estate developers to-date in more than two dozen states
- Expanding product offerings, such as new construction loans and a fixed annualized notes product returning 5 percent on a 90-day term
- Launching a second online public offering to purchase stock in Groundfloor directly
Lastly, GROUNDFLOOR was recognized for several awards based on its innovation and company growth including:
- Received a “Top Deal” stock buy designation from Equity crowdfunding rating service, KINGSCROWD, a distinction reserved for deals selected into the top 10% of companies in their due diligence funnel
- Recognized as a TAG Top 40 Georgia-based technology company for innovation and financial impact
- Honored as the best crowdfunding platform with the Fintech Breakthrough Award
- Won the Technology Association of Georgia’s Fintech ADVANCE Award for having demonstrable results that helped the financial industry move forward through innovation
- Named an Atlanta Business Chronicle Pacesetter Award Finalist as one of the top 100 Georgia companies demonstrating rapid financial growth based on annual revenues
- Both CEO Brian Dally and the company were listed as one of Atlanta Inno’s 50 on Fire recipients for contributing to the Atlanta innovation ecosystem
Groundfloor added that to date, it has remained the only company qualified by the SEC to offer direct real estate based debt investments to non-accredited investors.