Valencia-based Colibid has managed to implement a unique business model in a traditional and stagnant space such as the Spanish mortgage sector. In the intersection of proptech and fintech, this mortgage-auction startup, has closed a convertible note for 500K and it’s preparing its Seed round for late summer. The expectations are towards raising €3 million in funding.
Colibid stands as a unique technological platform in Spain based on an auction system where banks compete to offer the best mortgage conditions to their users. In the time Colibid has been active, it has processed almost 2,000 mortgage applications and has received mortgage applications worth 270 million euros. The Valencia startup expects to reach 1,200 million mortgage applications by the end of the year.
In just 4 minutes, users can fill in the form required to access the auction. The participating entities can only access the user’s fiscal profile. This fast process makes users get better conditions in the end, but also it saves them time and procedures. The auction lasts three days and Colibid’s platform allows the client to have all the information about the bids and the evolution of the process.
Attracting attention
Colibid is gaining momentum in the fintech/proptech sector. Already trusted by funds like Demium Capital (ex-Think Bigger Capital) and international investors such as Andrea Mihelovits (Tesla, Jeff and BNext) Colibid has been recognized a couple of weeks ago as finalist for the Best App award by the e-Awards – E-Show 22 Barcelona, an event focused on the best technological solutions and trends that will mark the future of business, competing with companies like Damm and Grupo Saba.
Colibid was founded by Stefano Scardia, Jack O’ Grady, Alexander Almengor, and Elena Gutiérrez. According to its founders, “we have created a unique ecosystem where banks and brokers compete with each other to offer the best conditions to customers. We connect people who are looking for a mortgage, or who want to improve the conditions of the one they already have, with all the banks operating in Spain and the largest portfolio of brokers in the country. We are neither a broker nor a comparator, but something totally new, unprecedented in the market”.
Its task is, through innovative and unique technological solutions in its sector, to be a facilitator of mortgages for individuals who are looking for financing to purchase a home. Their method, in essence, is the opposite. As they work with all the banks operating in Spain and the main mortgage brokers, Colibid makes them compete with each other, through an auction, to offer the customer the best market conditions and obtain their mortgage.