LatAm List – DILA Capital, Jaguar Ventures, and other Angel investors invested an undisclosed amount in Smart Lending, a Mexican fintech mortgage lender. The standard lending practice in Mexico involves a long and bureaucratic process that results in multiple trips to and from the bank.
“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.
By making it easier to take out a mortgage, Smart Lending aims to indirectly boost social mobility and community development with a broader home ownership in Mexico.
“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.
Read more on this AMEXCAP press release.