CondoConta, the Brazilian fintech specializing in banking services for condominiums, has announced the raising of approximately USD $14.6 million in its Series A funding round.
The investment, led by new participants SYN Proptech, Endeavor Scale-Up, and Terracotta Ventures, along with existing investors Redpoint eVentures and Igah Ventures, aims to strengthen CondoConta’s leadership in the Brazilian condominium market, driving its expansion in key regions of the country.
This capital injection will enable CondoConta to triple the opening of new accounts, thanks to integrating native interfaces with major condominium management systems (ERPs) and administrators in Brazil.
The company also plans to develop and launch new products and services focused on improving integration with condominium administrators and their management systems to offer a more complete and efficient platform that enhances the experience and facilitates the administration of condominiums.
CondoConta stands out for its innovative business model, offering a full range of financial services, including checking accounts, credit cards, loans, financing, and delinquency management. Additionally, it provides solutions to facilitate the payment of condominium fees.
The condominium market in Brazil is a growing sector, with approximately 8 million condominiums throughout the country, representing a significant growth opportunity for CondoConta. With the recent injection of R $72.3 million reals, CondoConta is preparing for substantial growth, aiming to become Brazil’s leading financial platform for condominiums.