Mouro Capital, an investment arm of Spanish bank Santander, has invested in Clikalia, a property portal focused on IBuying. Neither party announced the amount of the Series A funding, nor have they released details of any organizational or operational changes. Clikalia | datos.gob.es

According to Santander’s press release, the investment includes debt financing to support Clikalia’s expansion across Spain.

Madrid-based Clikalia.com was founded in 2017 by Francisco Alister Moreno. It offers users a free property valuation in 24 hours. If they accept, and the house is as described, Clikalia will buy it within seven days, without charging fees or commissions. It then refurbishes and resells the property.

This model is appealing in a property market renowned for slow transactions, laborious paper chases and high agency fees. The challenge is, of course, liquidity. Mouro Capital, which controls over $400 million U.S. in funds, will give Clikalia a solid foundation on which to build.

Santander reported that Clikalia’s team of 80 has closed more than 500 operations. The Clikalia website claims to have made over 6,700 offers, which suggests it closes one of every 13 to 14 deals. According to Santander it has “achieved positive margins on [all its] operations.”

In addition to promoting growth in Spain, Santander is looking for the investment to boost its real estate business abroad. “We believe that Clikalia can drive transformation and new business opportunities in Europe and Latin America,” said Manuel Silva Martinez, general partner at Mouro Capital.

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