Loft buys CrediHome to advance real estate financing

Loft, a Brazilian startup of buying and selling apartments, announced the acquisition of CrediHome on Tuesday (24). It is a fintech that connects banks to other companies that offer real estate financing. Founded in 2017, the company will continue without changes in the operation, that is, its founders and team will be the same.

The acquisition, says Loft, should generate more than R$ 600 million per month for financial institutions. With this, it claims to have achieved the largest volume of financing in the country’s secondary market for real estate, that is, the sale of places that are already inhabited or ready to be inhabited.

Protech hopes that the purchase of CrediHome will improve the experience of its clients, in addition to expanding partnerships with local real estate consultants. In addition, it should facilitate the offer of real estate loans outside the Rio-São Paulo axis, since more than 50% of CrediHome’s operations are in other regions of the country.

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Kristian Huber, from Loft, and Bruno Gama, from CrediHome (Image: Disclosure/Loft)

One of the few to reach unicorn status — a startup worth more than $1 billion — Loft has more than 25,000 apartments for sale in Rio de Janeiro and São Paulo. Recently, proptech expanded its operations to Belo Horizonte. Currently, the company reached a market value of US$ 2.6 billion (R$ 13.7 billion) in its last funding with investors, in addition to having raised US$ 788 million (R$ 4.1 billion) with funds and investors throughout its three years of life.

In July, Loft bought the operation from Curitiba’s CredPago, which works with rent without a guarantor. Three months earlier, in March, proptech received an investment of US$ 525 million. The deal has yet to pass regulatory approval.

The real estate startup industry has been buzzing in recent weeks. Also in July, proptech QuintoAndar started operating in Belém and Manaus, totaling 42 cities across the country. A few days ago, the same startup raised $120 million (BRL 640 million) as an extension of its E-series investment round.

Source: Loft, Infomoney

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