A Miami company wants to make it easier for cryptocurrency holders to purchase real estate — without converting their digital assets to dollars.
Milo, a digital bank that launched what it says is the first 30-year cryptocurrency mortgage, raised $17 million in a series A financing round led by California venture firm M13. The startup reports it is processing applications from more than 7,300 people on its waitlist.
Instead of requiring consumers to sell their crypto holdings to obtain a down payment for a mortgage, Milo's crypto option makes it possible to use digital currency like Bitcoin to invest directly in a home.
"This is a multibillion-dollar opportunity and we are proud to be pioneering the efforts in the U.S. for consumers that have unconventional wealth," said Milo CEO Josip Rupena.
Founded in 2019, Milo's first consumer product was a home loan product that allows non-U.S. citizens to qualify for and close a home mortgage from anywhere in the world. Florida is a popular location for international buyers, drawing about 21% of all foreign real estate investments in the country.
Individuals without U.S. citizenship or residency can face hurdles when it comes to securing a mortgage from a U.S. bank., even if they have the money to qualify. Milo focuses on that demographic to offer home loans at low interest rates within days. The company reports it processed more than $500 million in applications from 90 countries over the past year.
Now, the startup's crypto mortgage product will create a pathway to home ownership for individuals holding digital assets.
"We also believe the existing foreign national product will become a significant business line given the under-served needs in that $1 trillion market," said M13 partner Latif Peracha.
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