RenoFi is a venture-backed financial technology company empowering a better way for consumers to finance home renovations.
American homeowners just spent months trapped in their homes. Every single one of them has identified a renovation that would have made their lives immeasurably better. The demand for home renovations will never be stronger once the recovery starts, yet, COVID or not, it’s surprisingly difficult for a homeowner to renovate.
The shortage in affordable housing stock and the down payment barriers can result in a decade or more of payments to build up enough home equity and savings to pay for a major renovation. As a result, recent homeowners do a lot of financially-suboptimal things to compensate – like borrow from their 401k, rack up credit card debt, and use high-interest personal loans. Worse, they just live unhappily for years in a home that doesn’t meet their family’s needs.
RenoFi operates under the principle that by completing a major renovation, homeowners are increasing the value of their home. Professional real estate investors leverage this After Renovation Value (ARV) to roll the increase in value into new properties all the time. Until RenoFi, there hasn’t been a great way for homeowners to take advantage of this.
RenoFi has created a suite of new financial loan products that are based on the expected value of the home post-renovation. By using the After Renovation Value, homeowners unlock the additional equity needed to finance their entire project (sometimes up to 10x the borrowing power) while ensuring they get the lowest rate possible. RenoFi is not the lender; instead, we provide the technology platform to power our lending partners. Our proprietary Renovation Underwriting Platform is what makes RenoFi Loans possible. Mortgage professionals are a great source of consumer demand for our products, We also market our loans directly to homeowners. After an eligibility review and some financial literacy work, they are matched to our lending partners. RenoFi receives a fee for bringing them new customers and leveraging our Renovation Underwriting platform. Importantly, RenoFi is free for homeowners, a win-win-win for everyone.
RenoFi is backed by some of the best startup investors in the world including First Round Capital, Comcast Ventures, and Canaan Partners.
ACCOUNTING MANAGER SUMMARY:
Renofi is looking for an experienced and energized accounting professional to add depth to our finance team. We’re a rapidly growing start-up and need an entrepreneurial bean-counter who has the skills and horsepower to scale with us. This opportunity is ideal for someone who has a vision and wants to build — as the second hire on the finance team, you will play a key role in standing up the accounting team and infrastructure.
A LITTLE BIT ABOUT YOU:
You’re a licensed CPA and know your accounting principles cold. You have both public and private accounting experience and have been through an audit or two. You’re pretty good at everything, but really good at the details — and you’re relentless about following up. You’re a self-starter and GTD disciple who needs limited supervision. You’ve never been late to a meeting, even though you can’t stand them. You can build a financial model in Excel from scratch. Caffeine doesn’t affect you, but thoughts of working capital optimization keep you up at night. You love coming to work every day. And most importantly, you care deeply about your team and adding value.
YOU WILL HAVE A LOT OF RESPONSIBILITY HERE. YOU WILL OWN THE FOLLOWING:
- Accounts payable/receivable, cash receipts/disbursements, revenue recognition, general ledger, and monthly closes
- Financial reporting and related materials for management review, board materials, and investor relations
- Compiling and tracking KPIs and internal metricsDeveloping and implementing scalable financial controls
- Maintaining / updating annual budget and model / projectionsIdentifying and pursuing opportunities to manage and improve our working capital (lines of credit, payment terms, etc.)
- Managing our capitalization table for new options / warrants issuances and exercises
- Drafting marketing materials and executing documentation related to financings and fundraises
IN YOUR FIRST SIX MONTHS, YOU WILL:
- Restructure our chart of accounts to reflect our growing operations
- Migrate ERP and AP platforms to get us prepared for rapid scale
- Create and manage monthly reporting package and process
YOU SHOULD ALSO KNOW:
- You’ll be wearing other hats as necessary, including supporting projects related to compliance, risk management, and HR
- This role reports to the Head of Finance
- This role is remote, eastern time-zone preferred
We are committed to hiring and cultivating a diverse team. If you are uncertain about whether you meet our requirements, please apply anyway!