Helsinki-based proptech Kodit acquires Spain’s rent-to-own startup Lucas
May 20th, 2021.
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.
Finland’s Kodit.io announced its acquisition of Spanish startup Lucas, combining its automated home selling and buying offering
with Lucas’ rent-to-own product, allowing first-time homebuyers to choose a
property with only a 5% down payment.
The
acquisition will take the company’s headcount to over 100 people across offices
in Finland, Spain, and Poland.
Kodit.io will now offer a unique service that allows homebuyers
to rent before actually buying a home. Kodit.io comes up
with the remaining 95% to buy the flat and lease it back to them with an
exclusive option to buy on a future date at a predetermined price.