Brazil real estate startup QuintoAndar launches in Mexico

By Aluisio Alves

SAO PAULO, June 21 (Reuters) – Digital serious estate broker QuintoAndar introduced Tuesday in Mexico, the initially time the brand has expanded outdoors Brazil, pursuing a modern acquisition in the area.

Beneath the “Benvi” brand, the $5 billion startup is established to debut in Mexico’s cash Mexico Metropolis with its trademark rental scheme, which in its place of charging tenants a lease-insurance plan, approves them centered on a credit rating assessment.

“Selecting the country was motivated by its dimension and similarity [with Brazil],” QuintoAndar reported in a assertion, pointing to Mexico’s forms and its similarly casual administration of tenants.

The shift arrives soon after QuintoAndar stated in December it experienced acquired Grupo Navent’s serious estate arm, which operates in Mexico and Brazil as nicely as Argentina, Ecuador, Panama and Peru.

QuintoAndar operates in all around 75 Brazilian towns and has 175,000 lively rental contracts and 90 billion reais ($17 billion) in belongings under management.

The platform declared its plan to enter Mexico quite a few months ago, soon after completing a $420 million fundraise that valued it at $5.1 billion.

In April, it stated it was laying-off 160 of its about 4,000 workers, citing the want to prioritize the most profitable business strains.

Various other significant-growth engineering-based mostly businesses have also announced layoffs in Brazil as a final result of the deteriorating world overall economy.

($1 = 5.1885 reais)

(Reporting by Aluisio Alves creating by Carolina Pulice enhancing by Richard Pullin)

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