Latest news with #GregSchwartz
Yahoo
2 days ago
- Business
- Yahoo
Adidas Campus 00s, Samba among most faked at resale: report
This story was originally published on Fashion Dive. To receive daily news and insights, subscribe to our free daily Fashion Dive newsletter. Adidas' Campus 00s and Samba silhouettes were the top most faked sneakers received by resale platform StockX within the last year, according to its annual verification report. The platform rejected more than 370,000 products — valued at almost $74 million — that didn't meet its verification standards in 2024. Of these, about 250,000 were sneakers, with more than 30,000 pairs flagged as suspected counterfeits. StockX said the findings highlight growing consumer interest in affordable, general release sneakers — and how widespread counterfeiting has become. In previous years, the company said the most counterfeited products were exclusive and rare releases including the Jordan 1 Retro High Off-White Chicago and the Jordan 1 Retro High OG SP Fragment x Travis Scott. StockX has made its verification process a key point in its marketing. In 2024, the company began using a machine learning model to assign a counterfeit risk score to its verification center, per the release. That process allowed StockX to detect high risk products based on a seller's behavior, including if the seller has had a product marked as fake before. The resale platform also implemented CT scanning technology to take X-ray images of products and developed relationships with federal and local agencies to combat counterfeit and fraud, per the report. However, StockX is still involved in legal proceedings with Nike over the alleged sale of counterfeited goods. The yearslong fight is set to head to trial this year. StockX CEO Greg Schwartz, who stepped into the role in January, said the verification report underscores the company's commitment to setting a higher standard for accountability in resale. 'But as excited as we are to share the wins, we also recognize the work ahead,' Schwartz said in the release. 'This report isn't just a reflection of where we've been — it's a roadmap for how we'll continue to lead with trust at the center of everything we do.' In addition to rejecting suspected fakes, the platform also rejects items that include defects or damaged boxes, or items from sellers who have sent the wrong product or size, per the report. The verification report found that in addition to the Adidas silhouettes, other top faked sneakers include the New Balance 2002R and the Maison Mihara Yasuhiro Hank. Additional shoe styles that were rejected from the platform included Ugg classic styles such as mini boots and slippers, and the Lightning McQueen Crocs Classic Clog, which is StockX's top selling Crocs product. Yeezy was the most faked brand name in the slides category. In accessories, Supreme holds multiple top spots of suspected counterfeits, but the top faked product was Prada Symbole sunglasses. In addition to shoes and accessories, StockX also sells apparel and collectibles. The platform's top selling apparel brand, Fear of God, was highly susceptible to fakes, per the release. The top two most faked collectible items were Pop Mart's Labubu plush toys and bag charms, which have also had their own fashion moment.
Associated Press
11-03-2025
- Business
- Associated Press
AI-powered Tomo Mortgage Raises $20M with Backing from Progressive Insurance®
After a year of explosive growth,Tomo, a fintech startup co-founded by former Zillow executives, now backed by Progressive Insurance, Ribbit Capital, NFX, and DST Global Partners Tomo's 'low rates, no gotchas' uses AI to lower mortgage interest rates by 0.50%, saving the typical homebuyer $4,000 at closing NEW YORK, March 11, 2025 /PRNewswire/ -- Tomo Mortgage, the fast-growing digital mortgage lender, today announced that it closed its $20 million Series B financing round, bringing its total investment to date to $130 million. In addition to new investor Progressive Insurance, existing investors Ribbit Capital, NFX, and DST Global Partners also participated in the latest round. 'Outdated business practices, excessive fees, and over-inflated interest rates cost U.S. homebuyers billions of dollars every year. Tomo is on a mission to change that,' explains Greg Schwartz, CEO and Co-Founder of Tomo. 'We use AI to deliver low rates without the gotchas. No mystery fees. No missed closing dates. No 'rate-keeping,' where you have to talk to a salesperson before getting a price. People love our honest, upfront pricing and seamless customer experience. We're thrilled our investors recognize our unique vision and value.' Key to Tomo's success is its use of AI to streamline sales and underwriting processes. These tools make getting a mortgage much faster, more accurate, and far less expensive than at other mortgage lenders. Tomo saves the typical homebuyer $4,000 at closing and its interest rates are, on average, 0.50% lower than the industry and up to 1% lower than some of the biggest lenders. And this mix of transparency, simplicity, and cost-savings drives 4.9-star customer reviews on Bankrate, as well as their editor's pick of 'Best Online Mortgage Lenders in 2025.' Despite a stagnant mortgage industry in 2024, Tomo achieved 3.5x growth and is on track to be one of the largest mortgage companies in the U.S. Now operating in 31 states, including D.C., Tomo's December 2024 purchase unit volume ranked in the top 10% of all mortgage lenders nationally. Tomo will use the latest funding to support growth across its team and product offerings. The company is rapidly hiring loan officers and other mortgage professionals for its Detroit, Seattle and New York offices to meet the surge of new demand, and will be shifting its headquarters from Stamford, CT to New York City. 'While other mortgage lenders tout 'automation,' facilitated by way of call centers or outsourced service providers, Tomo is the real deal. They're taking a radically different approach, using proprietary technology to cut out origination fees and processing delays in a way that we've not seen in the industry so far. We're thrilled to back Tomo as they enter the next phase of their growth,' said Pete Flint, general partner at NFX. 'We're excited to invest in Tomo and to support their mission to modernize the home buying experience,' said Erwin Raeth, Corporate Development Leader at Progressive. 'Our forward-thinking approach and dedication to being there for our customers by understanding their specific needs aligns with Tomo's focus on innovation and helping each individual customer achieve their homeownership dreams.' To learn more about Tomo, please visit About Tomo Tomo is a digital mortgage company on a mission to get rid of the greed and complexity in lending, saving homebuyers thousands of dollars. Its continuous automation platform makes the lending process much faster, less frustrating, and far less expensive. By passing that savings on to the homebuyers, it's able to eliminate the excessive fees and over-inflated rates that cost U.S. homebuyers billions of dollars each year.
