Brazilian fintech CondoConta expects to obtain requests this 12 months value 75mn reais (US$14mn) from residential and business condominiums to finance PV solar power installations.
The agency goals to double that quantity in 2023, CEO and co-founder Rodrigo Della Rocca (pictured) advised BNamericas.
CondoConta’s robust development is pushed by elevated distant work that has led to greater energy consumption at houses, and demand from social golf equipment with higher use of widespread areas, reminiscent of gyms, saunas and garages, Rocca mentioned.
The enlargement of the nation’s fleet of electrical automobiles, that are charged on the condominiums, is one other development driver, he added.
Around 12% of the credit score requests from condominiums contain solar energy installations, and a pair of% are for the set up of particular person water consumption meters, as known as for by a legislation that got here into drive final 12 months.
Most of the condominiums that request financing are situated within the states of São Paulo and Pernambuco, mentioned Rocca.
“Besides favoring the environment, we know that the installation of solar panels and individualization of water meters favors the economy in the long term, which ends up paying for the investment,” he said. “In addition, the climate in Brazil makes it much easier to install clean energy in condominiums, and the individualization of water contributes to more conscious consumption.”
Focused solely on the condominiums market, CondoConta provides shoppers a free transactional account, financing, insurance coverage, condominium-related tax providers and monetary data.
The agency operates in all areas of Brazil with greater than 200mn reais in annual financing operations, and 80bn reais in condominium-related property underneath administration.
Last 12 months it obtained investments from Redpoint eVentures, Darwin Startups and Igah Ventures, totaling 22.6mn reais. It has additionally raised 20mn reais from Galápagos and 50mn reais from Empírica with the target of providing financing to condominiums trying to spend money on home enhancements.
