Mexico-based PropTech platform Yave raises $7.5m

Mexico-based PropTech platform Yave raises $7.5m

Mexico-based PropTech platform Yave has reportedly raised $7.5m in its seed II funding round, which was co-led by Better Tomorrow Ventures and Metaprop.

Other commitments came from Goodwater, Activant, Moore Capital, Fintech Fund, Cross River, Vinte, Magma Partners, DILA Capital and Wollef, according to a report from LatAm List.  

With this capital, the company plans to expand its offering and will be able to originate mortgages for US-based buyers looking to buy a home in Mexico.

Yave, which was previously named Smart Lending, is an online lending platform. Users can access mortgages entirely online and at a quicker pace than traditional lenders. Users can get pre-approval within three minutes.

The company has 30 partners using its platform and it has helped execute $80m in mortgages since its launch in 2018.

Yave’s initial seed investment was closed in 2019 on an undisclosed amount. The capital was supplied by DILA Capital, Jaguar Ventures and other angel investors.

There have been a number of notable Mexican FinTech funding rounds this year. Consumer payments platform Nelo recently received a $100m credit facility from Victory Park Capital.

The company offers an all-in-one app that allows customers to pay for products through instalments.

Another major investment in the country was raised by credit card company Stori. It closed its Series C-2 round on $150m. The deal brought its valuation to $1.2bn.

Stori provides underserved populations with access to credit card products and currently boasts 1.4 million customers in Mexico.

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