The archive · Money & Fintech · Financial decision · 2020–2026
Duppla's rent-to-own housing bet in Colombia: $60M from Patria, Skandia
Colombian proptech buys homes, rents them under purchase promise, securitizes rents: 300+ families, US$60M Patria-led round.
Duppla
What the business is
Duppla is a Colombian rent-to-own housing company: it buys the home a family selects, rents it to them under a purchase promise of up to five years, underwrites on payment capacity rather than formal income, and securitizes the lease cash flows into residential-rent-backed investment vehicles for institutional investors.
Starting capital：About US$60M in a mix of debt and equity announced late July 2026, led by a fund managed by Patria Investments - its first venture capital investment in Colombia - with Skandia Planeación Financiera, Cometa, Grupo Pegasus, Nazca and other investors.
How it started
Founded by Cristian Villamizar and Felipe Fierro to serve Colombians who can pay but are locked out of mortgages - informal workers, entrepreneurs, families unable to save a ~30% down payment in a country where only about 3% of adults hold an active mortgage. Forbes dates incorporation to 2020 and commercial launch to 2022, when Duppla began buying homes in Bogotá and renting them under purchase promises.
What happened
Over about four years Duppla accompanied more than 300 families in Bogotá and nearby municipalities, with women representing 64% of clients. In 2023 Skandia bought 90% of a Duppla residential portfolio, an early institutional validation, and the model became a Harvard Business School case study. In late July 2026 the company closed a round of about US$60M in debt and equity led by a Patria Investments fund, with Skandia Planeación Financiera, Cometa, Grupo Pegasus and Nazca participating; Patria called it its first venture capital deal in Colombia.
How it ended up
Live and scaling as of 2026-09-02: Duppla plans to expand financing capacity and its residential-rent investment platform, with Medellín as the next market; no exit or shutdown.
Background
Duppla is a Colombian housing-finance company betting that the mortgage market fails on entry requirements, not repayment ability. Under its rent-to-own model Duppla buys the home a family selects, rents it to them under a purchase promise of up to five years, and lets them start with a down payment from about 15% instead of the roughly 30% banks demand.
The company was founded by Cristian Villamizar and Felipe Fierro to serve Colombians who can pay - informal workers, entrepreneurs, young families - but lack formal income records or savings for a down payment; Forbes dates incorporation to 2020 and commercial launch to 2022, in a country where only about 3% of adults hold an active mortgage.
Each property sits in a trust administered by a fiduciaria, giving legal backing to families and investors. Duppla securitizes the lease cash flows of its portfolio into residential-rent-backed investment vehicles, so the business has two sides: financing families into ownership and giving institutional investors exposure to residential rent. In 2023 Skandia bought 90% of a Duppla residential portfolio.
In late July 2026 Duppla closed about US$60M in debt and equity led by a Patria Investments fund, with Skandia Planeación Financiera, Cometa, Grupo Pegasus and Nazca participating - Patria's first venture capital investment in Colombia. After about four years the company had accompanied more than 300 families in Bogotá and nearby municipalities, and it plans Medellín as its next market.
What has to be true
- Only about 3% of Colombian adults hold an active mortgage, and banks require a ~30% down payment plus formal income; Duppla attacked the entry barrier instead of competing on rate.
- Rent-to-own with a 15% down payment and a five-year purchase promise let families with informal income build the history banks need while living in the home they will buy.
- A trust per property and securitized lease flows turned a family-financing business into an investable residential-rent product, which is what attracted institutional capital.
- Early institutional validation came before the big round: Skandia bought 90% of a Duppla portfolio in 2023, and Harvard Business School documented the case.
What can be applied
Sell the barrier banks will not touch - the down payment and informal income - and structure both sides: finance families to ownership while securitizing rents for institutional capital.
Aftermath
As of 2026-09-02 Duppla continues to operate its rent-to-own and residential-investment model in Colombia. The company says the new capital will expand financing capacity and its investment platform in residential rent, and it has named Medellín as the next market, with a focus on independent workers, young families and women, who represent 64% of clients. Patria's entry marks a broader shift of institutional capital toward alternative housing finance in the region.
Sources
- Duppla levanta US$60 millones para expandir su modelo de compra de vivienda mientras se arrienda
- Esta startup colombiana levantó US$60 millones para democratizar el acceso a la vivienda
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