Advancing accelerates its growth with the incorporation of Rafel Saurí as CEO. The executive, who has developed a long career in the banking sector, takes the helm of a startup born this year that offers property owners the possibility of advancing them up to one year of their tenants' rents and even assumes the risk of default that may occur during this period.
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Advancing's goal is to increase its business by 500% in 2021 thanks to the increased liquidity needs of owners and the launch of new products, such as insurance against rent defaults. According to the proptech, requests for rent advances have quadrupled as a result of the covid-19 crisis.
"The acceptance of our product has been very good during the first year and now we plan to expand rapidly," explains Rafel Saurí, who had been general manager of the microcredit firm Wonga and held positions of responsibility in the risk area in financial entities such as Banco Sabadell, GE Capital, Barclays and BBK.
Advancing's innovative business model has aroused the interest of the College of Apis of Catalonia and real estate franchise chains such as Alfa and Remax, with whom the startup claims to have already closed collaborations. According to Advancing, these partners have the exclusive right to market their rent advance service and currently offer it in some 750 real estate agencies or offices throughout Spain. "This capillarity will be key to growth in the coming months," says the firm.
"As a result of the pandemic, landlords' concern is maximum; requests for rent advances have multiplied, as they allow landlords to quickly obtain liquidity and protect themselves from eventual tenant defaults," emphasizes Saurí.
Advancing is a project of Mutter Ventures, a digital business factory promoted by entrepreneurs Christian Rodríguez, Guillermo Gaspart, Carlos Galí and Alfonso Le Monnier.