Colibid, the Spanish FinTech platform that pioneered the country’s first mortgage auction system, has successfully raised €400,000 in a Seed Round.
The funding round included follow-on investments from Demium Capital and business angel Andreas Mihalovits, reflecting their continued faith in Colibid’s potential and future prospects.
Joining the existing investors, OK Ventures, the venture capital arm of the OK Group, along with numerous private investors through StartupExplorer’s public investment platform, contributed to this round. This financial injection cements Colibid’s foothold in the Spanish mortgage market and underpins its ambitious plans for expansion.
Colibid operates an innovative marketplace that has connected over 100,000 clients with 17 major banks and more than 100 brokers across Spain since its launch in 2022. This platform allows Spanish families to access the best mortgage rates seamlessly, facilitating a competitive bidding environment among lenders.
The new funds will be employed to grow the Colibid marketplace further and support the company’s international ambitions, including a new partnership in Mexico marking the beginning of its overseas expansion.
In tandem with funding news, Colibid announced the launch of Extracto.io, an AI-based SaaS technology designed to transform document management.
Originally developed for Colibid’s mortgage services, Extracto.io can instantly process and convert a wide range of documents, such as images and PDFs, into usable data. This technology is set to benefit various industries plagued by inefficient documentation processes, including logistics, insurance, and healthcare.
Colibid’s CEO, Stefano Scardia, highlighted the broader implications of their new technology, stating, “With Extracto.io, we see immense potential to solve operational inefficiencies and scale across industries that require extensive documentation.
“Our technology is a game-changer, and we’ve expanded our sales team across the UK, USA, Eastern Europe, West Africa and the Middle East, positioning Extracto.io for global growth.”
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