Stanford Grads Use ‘Uber of Real Estate’ to Conquer Rio Rentals
- Quinto Andar uses cheap insurance to undercut existing brokers
- The technology startup is expanding beyond Rio and Sao Paulo
Photographer: Dado Galdieri/Bloomberg
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Vicente Velazquez plunked down eight months’ worth of rent to get his own place in Rio de Janeiro. The monster deposit was the only way to avoid paying insurance, since he knew no one in the city willing to put property up as collateral.
It’s the kind of story that led Andre Penha and Gabriel Braga, Stanford MBA graduates, to start Quinto Andar, a technology company that’s shaking up the Brazilian rental industry.