Helsinki-based proptech and iBuyer firm Kodit has acquired Spanish rent-to-own startup Lucas. Combined, Kodit will now have a headcount of over 100 employees with offices in Finland, Spain, and Poland. As part of the deal, Lucas will take on the management and expansion efforts for Kodit in the Spanish market.
The financials of the acquisition remain undisclosed.
Through the acquisition, Kodit will now offer future homeowners the option of a rent-to-own programme, effectively combining the offerings of both companies into one platform. From the Lucas angle, future homeowners put down a nominal 5% down payment, Kodit then finances the remaining 95% to buy the property and leases it back to the one-day homeowner.
“Already 80% of the buyers on the Kodit.io platform are millennials and the majority of them, first-time home buyers,” comments Kodit CEO Kalle Salmi. “So adding a service that solves one of their major problems fits into our strategy perfectly. With the current lending criteria, younger generations need 10–20 years to save up enough money to buy a home in most of the large cities in Europe. They are chasing a moving target with continuously increasing real estate prices.”
Image via Juho Kuva