Up&Up (https://upandup.co) is a housing service that enables renters to build wealth while renting a home through its unique 'Up&Up Wallet' model. Instead of a traditional security deposit, renters make an initial contribution to their Wallet and can add more over time. The Wallet grows in value based on a share of the rental home’s profits and any appreciation in the home's value. At the end of the lease, renters have multiple options: renew their lease, use the Wallet as a down payment to purchase the home, transfer the Wallet to another Up&Up rental, or cash out up to 90% of the Wallet’s value. This approach is designed to provide the financial benefits of ownership from the first day of renting, while maintaining flexibility—differentiating Up&Up from standard rent-to-own models.
How Does Up&Up Work?
Up&Up’s core product is the Up&Up Wallet, which functions as both an alternative to a security deposit and an investment vehicle. Renters:
- Make an initial Wallet contribution instead of a security deposit.
- Share in rental profits and home appreciation while living in the property.
- Can add to the Wallet over time to increase potential gains.
- Have several end-of-lease options, enhancing financial flexibility.
This model aims to help renters accumulate wealth and access pathways to homeownership, even if they do not ultimately buy the property.
What Makes Up&Up Different?
Unlike traditional rent-to-own programs, Up&Up emphasizes immediate access to ownership benefits and flexibility. Renters are not locked into a purchase and can choose what to do with their Wallet at the end of each lease term. The shared profit approach also means renters participate in the home’s financial upside, whether or not they buy.
Who Uses Up&Up?
Up&Up serves renters who seek to build wealth or move toward homeownership while maintaining the flexibility of renting. The company lists customers such as Holly B., Alana G., and Niyoyakira R., illustrating its appeal to individuals looking for alternatives to traditional renting and rigid rent-to-own agreements.
Who Leads Up&Up?
Up&Up’s leadership includes Michael Wong (CEO, Co-Founder), Needham Hurst (COO), Ryan Brown (Managing Director, Co-Founder), and Ben Wong (Business Operations, Co-Founder). Their backgrounds combine experience in business operations and real estate, informing the company’s mission to rethink the renting experience. Learn more about the team on their About Us page.
Up&Up Funding and Backing
Since its founding, Up&Up has raised over $300 million in debt and equity from notable investors such as Khosla Ventures, Founders Fund, Backend Capital, GA Capital, First American Financial, key executives at Opendoor, Robinhood, Airbnb, and Plaid, as well as Goldman Sachs, L2 Point, and Rialto Capital.
Use PromptLoop to Uncover Company Data
Looking for more company insights like this? PromptLoop helps you go deeper, providing unique data points and analysis on companies like Up&Up and many others. Automate your research and find the information that matters most. Discover how PromptLoop can accelerate your market intelligence. Get A Free Demo to learn more.