Colibid

High-Level Overview

Colibid is a Valencia-based fintech startup founded in 2021 that operates Spain's first mortgage auction platform, connecting over 100,000 customers with 17 major banks and more than 100 brokers to secure optimal mortgage rates through competitive bidding.[1][2][5] It serves Spanish families seeking mortgages or better refinancing terms, solving the problem of opaque, inefficient mortgage markets by enabling banks and brokers to bid in real-time, while recently launching Extracto.io, an AI-powered SaaS for document management that processes thousands of pages from images or PDFs into usable data for industries like finance, logistics, insurance, and healthcare.[1][2][3] With €400,000 raised in a 2024 seed round (following a €500K convertible note) from investors including OK Ventures, Demium Capital, and others, Colibid is expanding internationally, starting with Mexico, and scaling Extracto.io sales teams across the UK, USA, Eastern Europe, West Africa, and the Middle East.[1][2][3][4]

Origin Story

Colibid was founded in 2021 in Valencia, Spain, by Stefano Scardia (current CEO), Jack O’Grady, Alexander Almengor, and Elena Gutiérrez, who identified inefficiencies in the stagnant Spanish mortgage sector at the intersection of proptech and fintech.[4][5] The idea emerged from creating a novel auction system where banks and brokers compete directly for customers, distinct from traditional brokers or comparators—processing nearly 2,000 applications worth €270 million early on, with ambitions for €1.2 billion by year-end.[4] Pivotal early traction came from launching Spain's first foreclosure auction system in 2022, rapidly building a network of 17 banks and 100+ brokers, followed by a €500K convertible note and a €400K seed round in 2024 to fuel growth and international entry via a Mexico partnership.[1][2][3][4]

Core Differentiators

• Innovative Auction Marketplace: Pioneers real-time bidding among banks and brokers, delivering the best mortgage rates without users acting as brokers, handling over 100,000 connections in Spain.[1][2][4]
• Extracto.io AI SaaS: Processes unstructured documents (images/PDFs) across languages in seconds, originally built for mortgage ops but now expandable to logistics, insurance, banking, healthcare, and public admin.[1][2][3]
• Rapid Scaling and Global Reach: Post-seed funding, expanded sales in multiple regions; strong early metrics like €270M in applications demonstrate product-market fit.[2][3][4]
• Investor Backing and Tech Focus: Supported by OK Ventures, Demium, and angels; commitment to AI-driven efficiency beyond finance sets it apart in proptech/fintech.[1][2]

Role in the Broader Tech Landscape

Colibid rides the wave of fintech democratization and AI automation in mortgages, capitalizing on post-pandemic digital lending shifts and rising demand for transparent home financing amid high interest rates.[1][2][4] Timing aligns with Spain's mortgage market digitization and global proptech growth, where inefficient document handling plagues legacy sectors—Extracto.io addresses this by enabling cross-industry efficiency, influencing ecosystems from banking to healthcare.[1][3] By fostering competition among incumbents, it pressures traditional banks toward innovation, while its Mexico expansion and multi-region sales tap emerging markets hungry for SaaS tools, amplifying Spain's startup scene in EU fintech.[2][3][5]

Quick Take & Future Outlook

Colibid's dual pivot—deepening mortgage dominance while globalizing Extracto.io—positions it for explosive growth, potentially hitting multi-million ARR as AI document AI adoption surges in regulated industries.[1][2][3] Trends like rising AI infrastructure costs favoring specialized SaaS, international mortgage digitization, and proptech consolidation will shape its path, with seed momentum likely leading to a larger Series A. Its influence could evolve from Spanish disruptor to global efficiency enabler, empowering families with better rates and enterprises with smarter ops, solidifying its role in fintech's transparent future.[3][4]