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BFD Expert Voices - Private Credit

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Yave, a Mexico City-based embedded mortgage lender, raised $7.5 million in funding led by Better Tomorrow Ventures and Metaprop.

Why it matters: Despite a slowdown in the global housing market, demand for tech-enabled mortgage origination continues to grow in Mexico.

How it works: Yave created an embedded mortgage application process to help homebuilders and real estate firms in Mexico get homebuyers approved faster.

Customers integrate Yave's pre-approval module into their websites via API, or they can track a homebuyer’s application process through its mortgage CRM.

Yave now has 30 partners using its platform and has executed US$80 million in mortgages since its launch in 2018.

Between the lines: The company can move faster than a traditional bank because it originates and services all mortgages executed through its platform, according to founder and CEO Bernardo Silva.

“In Mexico, five banks and the government originate 99% of the loans,” Silva estimates. “It’s very difficult to have new competitors because there’s no liquid secondary market like [Fannie Mae or Freddie Mac] in the U.S.”

To overcome this, Yave partnered with a mortgage REIT and a couple of banks to finance the loans it originates.

As a result, sellers typically close an additional 20% of customers using its tech, he says.

State of play: It’s a challenging time for the mortgage industry, as rising interest rates have led to an overall decline in new home purchases globally.

But the housing slowdown in Mexico has not been as pronounced as in the U.S., in part because underlying mortgage rates there were relatively high to begin with, Silva says.

While U.S. mortgage rates have risen from below 3% to above 7% over the course of this year, rates in Mexico have seen a more modest increase – from about 9% to 11%.

What’s next: Yave has primarily served local Mexican homebuyers to date, but is looking to expand and help originate mortgages for U.S.-based buyers looking to purchase a home there.

Due to the current economic environment, however, plans to expand beyond Mexico are on hold for now, Silva says.

Of note: Goodwater, Activant, Moore Capital, Fintech Fund, Cross River, Vinte, Magma Partners, DILA Capital and Wollef also participated in the most recent round.

Exclusive: Mexican mortgage tech startup Yave raises $7.5M

Despite the housing slowdown, the company gathered a meaningful round.

Illustration of a cursor holding a stack of Mexican peso bills

Fintech

Yave, a Mexico City-based embedded mortgage lender, raised $7.5 million in funding led by Better Tomorrow Ventures and Metaprop.Why it matters: Despite a slowdown in the global housing market, demand for tech-enabled mortgage origination continues to grow in Mexico.

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Exclusive: Mexican mortgage tech startup Yave raises $7.5M

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