Lithuania

InRento Scales Abroad With Spain Expansion and Buys Estonia’s BitOfProperty

by Fintechnews Baltic November 17, 2021

Lithuania’s buy-to-let crowdfunding platform InRento is scaling abroad by expanding its operation to Spain and acquiring Estonian real estate marketplace BitOfProperty, which offers a similar service.

InRento said that its expansion into Spain was a natural move as there are experienced professionals from the country’s real estate market among its shareholders.

Spain has a sizeable and diverse property market, and InRento will specialise in the specific niche of short-term rental projects.

Initially, their focus is on the Iberian mountain resort of La Molina and the Mediterranean region on Costa Brava in the north-east of the country.

Additionally, InRento will fully integrate the BitOfProperty model, moving all data to the Lithuanian platform.

BitOfProperty’s website will also be redirected to the InRento’s buy-to-let crowdfunding platform.

Founded in Estonia, BitOfProperty operates on a similar principle to Lithuania’s InRento platform.

However, BitOfProperty did not offer a crowdfunding model, but allowed the ability to buy & sell fractional shares in property generating a passive income, similarly to a stock exchange.

After gaining experience of operating in Spain and Estonia, InRento said further expansion into European countries will be considered.

Gustas Germanavičius

“The company has put a lot of effort into building investors’ trust in its product. It is a well-recognized brand both in Estonia and abroad.

 

By acquiring this platform, we will expand our services and awareness, as well as attract new investors,”

said Gustas Germanavičius, Founder and CEO of InRento.

“Our platform will be a piece of Inrento’s journey and we couldn’t be more excited about this.

 

We believe that this acquisition strongly complements Inrento’s business and users that BitOfProperty accumulated over the years can reap benefits out of this,”

said Karl Vään, Co-founder of BitOfProperty.