Creditoh! is a fintech specialized in mortgage brokerage. The objective with which this financial platform was created is to achieve the best financing solutions for the purchase of a home, managing each client in a personalized manner and it is completely independent from financial institutions.
The company was founded in 2017 by David Crespo, CEO and founder, who detected the need to “integrate a figure that helps customers to look for and find the best financing options for the purchase of a home,” says Crespo.
The idea arises after analyzing this sector in various countries and identifying the need for assistance of a significant part of the population in the process of negotiating a mortgage. This is how the opportunity to offer specialized and independent mortgage advice came about.
Since its inception until today the sector has undergone several changes due to market saturation, bad practices or real estate/financial crisis. Creditoh! has overcome the drastic changes in the sector, thanks to its quality service and its policy of transparency well valued by customers and financial institutions.
In recent years, Creditoh has focused on continuing to digitize its business model, investing in technology that brings greater speed, reliability and agility to its business. As far as the Creditoh! name is concerned, the choice was based on a model that more than defines the product to which it is dedicated and from which the essence of the service it provides to users emanates.
What sets them apart from the competition is the comprehensive and personalized service. Creditoh! accompanies the client from the mortgage viability study to the signature at the notary’s office, including negotiations with banks and coordination of the appraisal. Today, there are tools that have sought to facilitate the contracting of a mortgage, such as comparators or even the financial institutions themselves, which have enabled online platforms that try to facilitate access to certain procedures in a limited way through mobile phones. Even so, these tools do not yet enjoy the full credibility and reliability of customers. They do not end up being a real solution to the problem of financing as they only offer one type of product for pre-established cases.
The main difference between comparators and Creditoh is the level, depth and quality of the service they offer since they do not have personalized proposals and their service does not continue during the negotiation and formalization of the mortgage, meaning they are limited to operating as a listing service.
BUSINESS MODEL
In general terms, Creditoh!’s business model is based on capturing the client, studying their risk profile, determining the viability and managing the mortgage operation from start to finish with its extensive network of collaborators (financial institutions, real estate agencies, appraisers and notaries). Spain is the country with the highest proportion of turnover in this sector. Currently, Creditoh! is taking the first steps in its international expansion phase and has started its activity on the other side of the Atlantic, specifically in Mexico.
INVESTMENTS
The evolution of Creditoh’s business model has been financed by its own funds and all its growth from 2017 to 2020 has been generated organically. Investment in the technological developments needed to pivot the company to a fully digital environment has amounted to more than 350K.
“Currently we do not have venture capitals, business angels or public institutions participating in our company”, the founders explained. Regarding the platform’s objectives for the coming year, there is the application of new technology developed in-house. The internal development of this technology will allow us to continue with the digitalization of the business model, optimize processes at the level of operational efficiency and time improvement, as well as increase the customer experience. At the same time, Creditoh! is also working on the development of new projects that complement the main mortgage business.