DETROIT–Creating new competition for credit unions in the realm of one-stop home buying, Rocket Cos. is acquiring Redfin in an all-stock transaction that values the real estate listing platform at $1.75 billion.

Rocket Cos. is a finance and real estate holding firm that owns various brands, including Rocket Mortgage, Rocket Money and Rocket Loans.

According to the two companies, plans are for the combined entity to essentially pool the two companies’ respective strengths in home search services and financing.

‘Two Halves of One Vision’

“Rocket and Redfin’s approaches to lending and brokerage service have always been two halves of one vision to make the whole home-buying process magical,” Redfin CEO Glenn Kelman said in a statement. “We want a customer to be able to check her phone to find out what she can afford, see which homes are just right for her, schedule a tour with a local, expert Redfin agent, and get pre-qualified for a loan, all in a matter of minutes.”

Founded in Seattle in 2004, Redfin runs a residential real estate brokerage platform for the U.S. and Canadian markets and describes itself as the “Amazon of real estate.”

Rocket Cos. went public in 2020 and has a market cap of $31 billion.