[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Tongo]
Tongo provides brokers and agents with a way to access pending commissions with an Agent-Line-of-Credit where they only borrow what they need and only pay back when they get paid. Agents get instant access to up to 75% of their commission in a single application for as low as 3% interest per 30 days. Every transaction is just between agents and Tongo and brokerages are not liable for advances through Tongo, relieving brokerages from having to be “the bank” for their agents.
What we like: With the vast majority of agents that operate as 1099s as its beachhead, Tongo is building a financial toolset for the broader gig economy that spans many industries. Though it’s a complex undertaking, there is a tremendous TAM available for the taking
*Part of 2023 REACH Class