Brazilian end-to-end real estate marketplace QuintoAndar has announced the acquisition of leasing guarantee platform company Velo for an undisclosed amount.
Velo provides credit analysis and serves as a fully online guarantor in a Brazilian market in which a lack of trust and largely outdated bureaucracy make it tough for many to rent.
“When we look at Velo's high levels of customer satisfaction, we are impressed by how well they are solving their customers' pain,” says QuintoAndar co-founder and CEO, Gabriel Braga.
Velo will continue to be run by Alberto Stein, Bruno von Hertwig, Anderson Felício and Paulo Cantoli who founded the company in 2019 with no change to the service of existing leasing customers.
The purchase of Velo is just the latest in a series of acquisitions for end-to-end specialist QuintoAndar. In March the company announced the acquisition of the traditional portal Casa Mineira to help expand outside of its strong Sao Paulo base. QunitoAndar then followed that up in August with the purchase of mortgage specialist ATTA.
QunitoAndar moved from being a rentals specialist to trying its hand at sales in 2019. The company has caused quite a stir in the Brazilian real estate industry and is perhaps the most successful of a new generation of true end-to-end marketplaces in Latin America that includes La Haus, Aptuno and AoCubo.
In May the company raised $300 million from international investors at a staggering $4 billion valuation.