Brazilian end-to-end real estate marketplace company QuintoAndar has announced that it has agreed to acquire local real estate credit firm ATTA Franchising for an undisclosed sum.
Brazilian finance specialist ATTA works with 100+ franchisees who offer financial services and products including mortgages and home equity solutions through real estate agents and consultants. According to the Brazilian press, the company will continue to be lead by CEO Renato Caporinno with no changes to franchisees.
QuintoAndar expanded from rentals to sales in 2020 and has reportedly entered into the purchase agreement for ATTA to speed up and improve adjacent financial offerings for its users.
In a statement surrounding the deal, QuintoAndar co-founder and CEO Gabriel Braga said:
"We are also going to increase our positive impact on the ecosystem, as we are going to invest to accelerate and expand the value that is generated for partners, real estate companies and, above all, for end customers" translated from Portuguese.
The company has gone from strength to strength since its foundation in 2012 and in May raised an additional $300 million in Series E funding at a stratospheric valuation of $4 billion putting it well in the top category of real estate classifieds and marketplace businesses by implied market cap.
In securing a deal for ATTA Franchising, QuintoAndar joins an ever-expanding list of companies in the industry that have either moved to offer mortgages themselves (Zillow) or have bought their way into the business in some way. Both Australian market leader REA Group and British #2 portal Zoopla have recently signed deals to acquire sizeable mortgage brokering companies.