Banorte grants financing to Tuhabi for US$20MM

Banorte granted financing of US$20MM (MX$400MM) to Tuhabi, with the aim of promoting the growth of the proptech in Mexico.

Through a statement, the bank explained that this loan is part of one of the initiatives that TuHabi and the financial group are carrying out as part of their medium-term strategy.

Last year, Banorte participated in Habi’s Series C equity round in which US$200MM was raised from different investors.

Rafael Arana, director of operations and finance of Grupo Financiero Banorte, explained that they allied with the real estate company thanks to the capacity and potential that it has to improve the way in which Mexican families buy and sell their homes.

“We hope that these resources will accelerate the growth of the company and consequently the offer of residential properties for thousands of families in the country,” he added.
For his part, the financial director of the proptech, Marcos Kantt, commented that the resources will be used to continue strengthening its balance sheet and continue generating liquidity in a residential market that, until the arrival of Tuhabi, had no options.