DILA Capital and Jaguar Ventures made an undisclosed investment in Smart Lending, a Mexican mortgage lending platform, with the participation of unnamed angels.
(Press Release) DILA Capital is pleased to announce an investment in Smart Lending, the first and only fintech mortgage lender in Mexico. Co-founded by Bernardo Silva, Daniel Braatz and Andrés Avalos, Smart Lending offers customers a vastly improved user experience compared to legacy banks in granting mortgage loans. Smart Lending has secured US$80 million in equity and debt. Jaguar Ventures and other Angel investors participated in the round.
“Daniel and I are active participants in the Mexican mortgage industry through different vehicles and funds, and as such are all too familiar with the painfully slow, costly and cumbersome process in obtaining a mortgage in Mexico. The mortgage market has long been dominated by five traditional banks which have about 90% market share, and digital innovation has been slow to come. We are building Smart Lending with the aim to become the leading real estate secured financial intermediary in Mexico, bringing unprecedented ease of use, customization and transparency to home financing by prioritizing customer experience, digital automated processes, and omni-channel service”, said Bernardo Silva, CEO of Smart Lending.
Smart Lending is solving a tangible problem in a big market. Most mortgage loans in Mexico are obtained through legacy banks that require long and bureaucratic processes that involve multiple trips to and from the bank branch and a significant investment of time. The Company has redesigned the origination process from scratch for the digital age as consumers continue to show a strong appetite and willingness to fulfill their banking needs online.
“We are very pleased to participate in this round, we are impressed with the team and all that they have achieved. We believe Smart Lending is positioned to disrupt the mortgage business in Mexico and become a clear leader in the Fintech sector in Mexico”, said Eduardo Clavé, Managing Partner of DILA Capital.
By facilitating the mortgage process, Smart Lending will contribute to broader home ownership in Mexico, and indirectly boost social mobility and community development. “Owning your home is an aspiration that for far too long has been out of reach for many Mexicans and we are delighted to making a positive social contribution in this vital area” said Alejandro Diez Barroso, Managing Partner of DILA Capital.
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About Smart Lending
Smart Lending (www.smartlending.mx) is the first online mortgage lender in Mexico. The company, in contrast with legacy banks, grants mortgages with personalized attention, total transparency, no bureaucracy and with cutting-edge digital tools that allow clients to complete the entire mortgage process online until the titling day, in record time.
About DILA Capital
DILA Capital is a Mexico-based Venture Capital firm that is focused on investing in leading early-stage companies in Mexico and Latin America. The firm, which was founded and is managed by Alejandro Diez Barroso and Eduardo Clavé, is currently investing out of its third fund. DILA works to provide support and unlock value for its portfolio companies and looks to strategically accompany them in their follow-on fundraising rounds to fill the gap for capital in the Mexican entrepreneurial ecosystem.
