Kevin Woblick Imibzgujxo4 Unsplash
Unable to meet customer demand, CondoConta acquired debt financing from Empirica in the amount of 20 million reais (US$3.5 million).
Prior to this financing, CondoConta had raised capital from seed rounds involving Igah Ventures, Redpoint eventures and Darwin startups.
The Brazilian neobank focuses on providing financial services such as credits and digital transactions to condominium associations. These transactions required around US$17.5 million from the bank in 2021, a figure they were unable to meet at the time.
Now, with the new capital, many will receive their loans, the demand for which has increased with the pandemic. This is because people spend more time in their homes and in the common areas of their condominiums, thus creating more wear and tear on the properties. Thus, in order to pay for these repairs, many people resort to loans, said Rodrigo Della Rocca, CEO of CondoConta.
How Does CondoConta Work?
It is an online bank that grants a line of credit that opens space for the structuring of a Credit Rights Investment Fund. This fund then has the potential to release about US$27,128,205 in resources for associated condominiums in the following years.
According to the CEO, most of the credit applications are aimed at improving the infrastructure of the condominiums, such as solar panel installation and the automation of services.
Other services provided by CondoConta include automated collections, paying bills and making online transfers, as well as concentrating all accounts and applications on a single platform.
CondoConta was launched in 2019 by Atilio Daniel Borges, Igor Sempre Bom, Marcelo Cruz, Rafael da Costa, and Rodrigo Della Rocca; today operates in 25 states in Brazil. It also has approximately 140 employees.
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