- BBVA Spark has increased its financial support for Tuhabi due to the firm’s proven execution and compliance with initial agreements, emphasizing a strong confidence in Tuhabi’s business model and market strategy.
- Tuhabi is set to use the newly secured $48 million to accelerate their technological advancements and further expand their innovative real estate services across Mexico.
- The funding boost will also help Tuhabi increase their data capabilities, which is central to their mission of enhancing transparency and efficiency in the real estate transaction process.
- This investment aligns with BBVA Spark’s goal of nurturing high-growth companies and expands its impact in the Latin American real estate market, particularly in tech-driven solutions.- Tuhabi aims to leverage this investment to solidify its presence and expand into new markets, including major Mexican tourist cities, enhancing its portfolio of real estate services and supporting greater financial accessibility for Latin American families.
BBVA Spark, the division of BBVA focused on innovative high-growth companies in Mexico, Spain, and Colombia, has increased its financing agreement with Tuhabi, the leading platform in buying and selling used homes in Mexico. The revised financing commitment now stands at $48 million, up from the initial $21 million provided last year. This increase reflects BBVA Spark’s confidence in Tuhabi’s execution and adherence to their original agreement, aiming to further bolster the proptech’s operations in Mexico.
Founded in 2019 by Brynne McNulty Rojas and Sebastián Noguera, Tuhabi has been pivotal in transforming the traditionally inefficient and complex process of real estate transactions in Latin America. The company utilizes an extensive proprietary database and a range of technological tools to enhance transparency and security in real estate transactions, facilitating over $1.5 billion in family transactions to date.
Joe Naffah, Country Manager of BBVA Spark in Mexico, highlighted the importance of supporting clients like Tuhabi in their growth, expressing enthusiasm for deepening their relationship through the extended financing line. This support is expected to drive the real estate market in Mexico by introducing more technological solutions that ease liquidity access and streamline real estate processes.
Marcos Kantt, CFO of Tuhabi, emphasized the strategic importance of BBVA’s backing in achieving their objectives, which include improving liquidity access for families in Latin America. The funds will primarily be used to enhance Tuhabi’s operational capabilities in Mexico and support the continued development of technology solutions that simplify the real estate process.
With this increased investment, Tuhabi plans to expand its influence not only in Mexico but also aims to strengthen its presence in key tourist cities and potential markets across the region, leveraging its comprehensive suite of real estate services. This includes direct home buying, free property valuation, and facilitating mortgage credit, among other services. The partnership between Tuhabi and BBVA Spark demonstrates a robust commitment to fostering innovation and growth in the high-potential sectors defining the future.
