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Renting in Latin America is restrictive . Most landlords require three months of rip as a deposit and a guarantor that have belongings in the same metropolis to co - bless the lease . Santiago Morales , the co - founding father and CEO of proptech MoradaUno , said this moral force makes 40 % of prospective renters ineligible . His society want to get more tenants into rentals by cover their risk .
“ That ’s the largest pain point in the manufacture today , ” Morales severalize TechCrunch . “ People not being able to charter where they want , or they have to , like , rent with roomies , roommates or basically ca n’t pull . So we suppose , let ’s go fix that . allow ’s go solve that problem . ”
The final result wasMoradaUno , a Mexico City - found company that look to upfront tenant jeopardy for landlord . The companionship puzzle out with real acres brokers by screen and insure potential tenant and consort to take on their split payments if the tenant block make up . Morales said the company ’s thorough vetting process , which includes background checkout and income verification , weeds out a lot of bad actor from the start . MoradaUno also provides additional optional factor services like sound and home insurance .
The company decided to point brokers , as opposed to landlords themselves , due to the fragmented nature of Mexico ’s rental grocery store , Morales said . Unlike in U.S. cities where there is a concentration of large landlord that manage a ton of unit , in Mexico , it ’s the reverse . Most landlords only own one property .
“ It ’s all mom and pops , like 97 % of the market is mom and pops , ” Morales said . “ They really depend on this income . So they ’re like , ‘ Oh , who am I renting to ? What find if they do n’t pay ? ’ There ’s a lack of trust there . We say , we can assist solve that or bridge that lack of trust with applied science . ”
The MoradaUno founding squad knows the LatAm real estate market well . Morales said he move to Mexico in early 2020 , in good order before the pandemic , because he was working with proptech Loft , the LatAm market place for buying and selling real estate of the realm . He was supposed to help them expand into the commonwealth but when COVID-19 hit , those plans dry up .
The experience gave him a good foot in the doorway to LatAm ’s genuine landed estate challenges and present him to Ines Gamboa Sorensen and Diego Llano , his now co - founders . MoradaUno was make in 2020 and officially plunge its product in 2021 . MoradaUno has since mold with more than 4,500 brokers and help shut more than 20,000 rentals . Santiago impart that the company is processing about 1,000 lease a calendar month and wants to strike 3,000 lease a calendar month by next summer .
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The fellowship just raised a $ 5.6 million Series A round to help with that . The round was co - led by fintech - focused Flourish Ventures and Cometa , a VC business firm focused on endorse companies build up for Spanish - speaking populations . Clocktower Ventures , Picus Capital , and Y Combinator also participate . Morales said the capital will be used to avail with expansion .
The proptech inauguration market has been get in LatAm . There are a few other startups looking to tackle lease too . Aptunois one that helps people find and apply for apartment online that is based in Bogota and has raised $ 7 million in venture support . Houmis another that looks to bypass the region ’s tough letting market by acting as a digital factor . Houm has raised more than $ 44 million in VC money .
MoradaUno is currently bouncy in four cities in Mexico , but the company wants to advance that by adding six more cities in the near future . Morales add together that underwriting tenant is just the commencement and in the future tense they ’d wish to be able to offer fintech table service like forward-looking rent payments or even build an AI model for factor .
“ It ’s really cool to be able to give access code [ to ] people that otherwise would have not been able-bodied to rent , ” Morales say . “ Now you ’re devote them an option . That ’s very powerful and exciting . That variety of fuels us every daylight . And we ’re also making the lives of thousands of real estate agent better because they have better tools and more efficient engineering . ”
