Mexican PropTech Flat.mx Acquires Local Mortgage Platform Hipoteca Genial

The Mexican PropTech, Flat.mx has acquired the digital mortgage brokerage platform Hipoteca Genial for an undisclosed sum.

Founded in 2017 by Iván Moreno, Mexico City-based Hiptoca Genial offers mortgage brokerage as well as remodelling, construction and small business loans via its digital platform

Flat.mx was founded as a pure iBuyer but, like many similar companies, has transitioned away from iBuying and now offers a suite of products around the buying and selling of homes. The aim of the acquisition of Hipoteca Genial is to strengthen the brand's existing mortgage services offering.

“Financing is a key element for people when deciding to buy a property. We had already built something to provide mortgage advice. As partners with Hipoteca Genial, it became very natural, seeing what they added to our operation, to think about an acquisition”, said Bernardo Cordero, Flat.mx cofounder.

The latest acquisition comes six months on from Flat's acquisition of real estate data company Intelimétrica and two years on from its Series A funding round.