Trioteca: Comparing your mortgage offers all-in-one place.
Let me introduce the next game-changer from Lanai Partners, Ricard Garriga. Ricard is a seasoned guy with a strong experience in the startup ecosystem. He was the former CEO of Menorca Millennials, a venture program to prepare startups to get series A funding round. As a result, of this program, 15 out of 40 companies raised $27M. Previously he worked as Head of Start-up Strategy at YouNoodle, in San Francisco, helping corporations and governments to launch startup programs.
In this venture, the pain is very clear, over the last ten year many banks disappeared in Spain, but incredibly there are still more than 35 different banks offering mortgages. If you want to compare the best options for the most important expense in your life, your mortgage, you have to physically visit all of them, and obviously this process is very time-consuming and burdensome.
After a bad personal experience looking for his mortgage, Ricard founded Trioteca, a digital advisor that helps people get the best mortgages in a digital, easy, affordable, and accurate way. Currently, Trioteca works with all the 37 banks in the Spanish mortgage market. Trioteca uses an algorithm to analyze the best offers in your area and it recommends, based on your personal data, the appropriate mortgage for you in a transparent and impartial way.
The market of this category is huge, i.e., in 2018, Spanish banks signed 481.848 mortgages. The traction of Trioteca is amazing, just in the last quarter of 2019, Trioteca processed 1.300 mortgages.
If Trioteca continues getting a relevant share of the market, the value will be very huge. Trioteca gets the kind of clients that are more valuable for the banks, a client with a mortgage is the most profitable customer for the banks because they can sell many products around the mortgage for an average of more than 25 years. For that, the banks are willing to pay a lot of money for these customers.
With this amazing market and this best in class team, in Lanai Partners, we are very excited about this opportunity.
