Fintech and proptech are the two sectors that are poised for a big leap in Latin America. Proptech or property technology enterprises are engaged in purchasing, selling and management in the real estate sector with the help of information technology. In Latin America, the financial and real estate service sectors are the two areas which need urgent reforms. Brazilian startup QuintoAndar has found huge real estate potential in rent and sales sector. The startup achieved remarkable growth in recent years. The Sao Paulo-based Proprotech venture recently raised $ 300 million in Series E funding round. With this, the value of the company touched $4 billion.
Ribbit Capital, which has backed the likes of Coinbase, Robinhood and CreditKarma, led the Series E financing. According to Ribbit Capital Partner Nick Huber, QuintoAndar has become a unique and trusted brand for those looking for a home.
“If you want to buy or rent a house, QuintoAndar will be with you right from the search process till the time the final agreement is signed,” Huber said.
QuintoAndar currently has more than 60,000 properties for sale in Sao Paulo, Rio de Janeiro, Belho Horizonte and Porto Alegre. The company, which currently employs 2,000 people, will enter the Mexican market later this year and begin efforts for a global expansion.
CEO Gabriel Braga and CTO André Penha received MBA from Stanford University. Like many startup stories, Braga’s personal experience led to the founding of the startup. The difficulties he encountered while looking to rent an apartment in Sao Paulo prompted the setting up of a large establishment called QuintoAndar.
In India, too, startups can benefit hugely if the real estate business is transformed into proptech by adopting technology.