SAO PAULO, June 21 (Reuters) - Digital real estate broker
QuintoAndar launched Tuesday in Mexico, the first time the brand
has expanded outside Brazil, following a recent acquisition in
Under the "Benvi" brand, the $5 billion startup is set to
debut in Mexico's capital Mexico City with its trademark rental
scheme, which instead of charging tenants a lease-insurance,
approves them based on a credit analysis.
"Selecting the country was motivated by its size and
similarity [with Brazil]," QuintoAndar said in a statement,
pointing to Mexico's bureaucracy and its similarly informal
management of tenants.
The move comes after QuintoAndar said in December it had
bought Grupo Navent's real estate arm, which operates in Mexico
and Brazil as well as Argentina, Ecuador, Panama and Peru.
QuintoAndar operates in around 75 Brazilian cities and has
175,000 active rental contracts and 90 billion reais ($17
billion) in assets under management.
The platform announced its plan to enter Mexico several
months ago, after completing a $420 million fundraise that
valued it at $5.1 billion.
In April, it said it was laying-off 160 of its approximately
4,000 employees, citing the need to prioritize the most
profitable business lines.
Several other high-growth technology-based companies have
also announced layoffs in Brazil as a result of the
deteriorating global economy.
($1 = 5.1885 reais)
(Reporting by Aluisio Alves; writing by Carolina Pulice;
editing by Richard Pullin)