Mexico City based proptech Yave raised $7.5 million in a seed II funding round co-led by Better Tomorrow Ventures and Metaprop. Other participating investors are Goodwater, Activant, Moore Capital, Fintech Fund, Cross River, Vinte, Magma Partners, DILA Capital, and Wollef.
Previously known as Smart Lending, Yave is a Mexico City-based embedded mortgage lender. The proptech enables homebuyers to access an online mortgage application process, which is faster than a traditional bank because it originates and services all mortgages executed through its platform. The way it works is with an API that integrates into its customers website (home builders and real estate firms) so they can track a homebuyer’s application process through its mortgage CRM, making the whole process a lot faster.
“In Mexico, five banks and the government originate 99% of the loans. It’s very difficult to have new competitors because there’s no liquid secondary market like [Fannie Mae or Freddie Mac] in the U.S.”
Bernardo Silva, founder and CEO of Yave in conversation with Axios.
The fresh funds will allow Yave to expand its value proposition and help originate mortgages for U.S.-based buyers looking to purchase a home in Mexico. Yave now has 30 partners using its platform and has executed $80 million in mortgages since its launch in 2018.
This seed-round is preceded by a previous 2019 capital injection from DILA Capital, Jaguar Ventures, and other angel investors to Smart Lending.
