On Wednesday, Governor Ned Lamont announced another company is opening offices in the Greenwich/Stamford area.
Wednesday’s announcement that fintech startup company Tomo has selected Stamford as the home of its corporate headquarters is the fourth recent announcement from Lamont about a company opening offices locally.
Earlier in the week he announced iCapital Network plans to expand its operations by opening an office in Greenwich, creating 200 jobs in Connecticut over the next two years. Also ITT Inc, a global manufacturer and technology company, will relocate its corporate headquarters from White Plains to Stamford. Prior to that, tobacco company Phillip Morris International announced it will move their headquarters from New York to Stamford.
Founded in October 2020 by former Zillow executives Greg Schwartz and Carey Armstrong, Tomo will operate its end-to-end digital mortgage and home-purchasing platform in Stamford, with additional corporate offices in Seattle and Austin.
The company is officially launching on Wednesday in the Seattle, Houston, and Dallas markets.
Tomo will be the first platform in the residential real estate space that is buyer-centric, using its proprietary technology to customize the home buying experience with features that include fully underwritten pre-approvals in hours, an on-time closing guarantee, and a price match for the lowest possible mortgage rates.
“Tomo could have selected any state in the country to locate their corporate headquarters, and they chose Connecticut because they recognize that we have the best educated, best trained, and most productive workforces in the world that are driving innovation, especially in the fintech industry, which has seen tremendous growth in recent years,” Governor Lamont said. “New companies like Tomo make me excited because of the innovative products they are creating. I am thrilled they have chosen Stamford as the central hub where they will be making this happen, and I look forward to seeing their continued growth here.”
“It has been a pleasure to work with Governor Lamont’s office, the Department of Economic and Community Development, and AdvanceCT as we build out our company in Stamford,” Greg Schwartz, CEO and co-founder of Tomo, said. “Innovative, growth-oriented companies like Tomo are attracted to the state by the business-friendly environment and the deep talent available here. We intend to be the destination employer of choice for those who want to change how home buying and financial services are transacted. I am proud to be in Stamford for our official launch today.”
With one of the largest seed rounds on record – $70 million – Tomo is a rapidly growing company that is expected to employ up to 100 people in Stamford by the end of the year. As the company grows, the Connecticut Department of Economic and Community Development will be supporting the expansion with “earn-as-you-grow” incentives that provide grants in arrears as job targets are reached.
“We welcome Tomo to our vibrant fintech ecosystem here in Connecticut,” Peter Denious, president and CEO of AdvanceCT, said. “Tomo is a great example of an industry disruptor, and we are thrilled they chose to establish their headquarters in Stamford. Their growth trajectory is exciting, and we look forward to supporting them in the coming months.”
“I think we are going to see many more financial technology companies like Tomo come to Connecticut in the post-pandemic era,” David Lehman, commissioner of the Connecticut Department of Economic and Community Development, said. “We have the ecosystem that can support both the tech and finance aspects of their business and we have the talent they need to help them compete in this industry. We are aggressively recruiting companies in this sector.”