Virgil, the financial solution look to restore equality in the property market, has raised €15m.
Participating in the round was Alven, LocalGlobe, Evolem and a new entrant Global Founders Capital.
According to Virgil, the current period of high inflation and rising mortgage rates means access to real estate credit is becoming more complex. This results in the vast majority of young workers remaining tenants, despite the fact that 85% of them are convinced that owning their main resident is more economical.
For the buyer, Virgil is a dormant partner: in exchange for an investment of 10% of the price, Virgil buys 15% of the apartment and pays itself at the time of resale, no later than 10 years after purchase.
In this way, Virgil said it allows young workers to become owners on average 7 years earlier than the average of first-time buyers. By helping young workers break the stone ceiling, Virgil said it avoids the intergenerational transmission of inequalities.
This new fundraising will also strengthen the team and scale to meet the “enormous need of the market: home ownership, the first lever for creating savings and wealth,” the company said.
Virgil said the funding will allows it to accelerate its deployment in favour of the financial independence of young workers.
Saskia Fiszel, co-founder of Virgil, said, “We want to transform the future of young workers by taking them out of the rental trap. Our raison d’être is to restore equality in the face of access to property. It’s about offering an entire generation freedom through financial independence.”
Recently Bilt Rewards, a consumer brand for renters, raised $150m to expand its loyalty programme and credit card product. Launched in 2021 by Kairos, Bilt Rewards operates both a loyalty programme and a co-brand credit card.
Bilt Mastercard enables consumers to earn points on their rent payments with no transaction fees, while also building a path to homeownership.
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