- 🖊️ Startup Name: Arrenda
- 📍 Headquarters: Mexico City, Mexico. Active in Mexico.
- 📅 Year Founded: 2022
Arrenda was founded by Joe Merullo, who serves as the CEO of the startup. Having established his first real estate business at the young age of 19, he has accumulated a wealth of knowledge and experience in every facet of the industry, leveraging years of experience in real estate and proptech. Complementing his expertise, the team comprises seasoned professionals with backgrounds in real estate, technology, and operations.
Landlords in Mexico are scared of missing rent payments, and therefore put high barriers of entry to prevent bad tenants of getting in. This adds numerous challenges to renting an apartment in Mexico, as highlighted by the various requirements that often act as significant hurdles. These obstacles can include exorbitant security deposits, sometimes spanning several months' worth of rent, as well as the obligation to provide promissory notes to landlords. Additionally, a common practice known as "avals" further complicates the process, whereby prospective tenants are required to secure a co-signer who must be a property owner in the same delegation.
Arrenda's first product "Adelanta" aims to address this situation by providing liquidity through a financial factoring scheme, based on the future income of real estate owners. This innovative fintech solution allows property owners to receive up to 12 months of rental income in advance, offering a valuable financial option for those in need of immediate funds. By leveraging the potential of future earnings, Arrenda offers a unique solution that bridges the gap between property owners and their financial needs.