Lucas

Lucas, operating as Urban Share SL, is a Spanish financial proptech company established to facilitate a pathway to homeownership for first-time buyers, particularly targeting urban professionals between the ages of 25 and 40. Founded in 2018 by CEO Steven Aitkenhead and CFO Jorge Cáceres, the venture originated within the BBVA Open Space innovation ecosystem in Madrid in 2019. Aitkenhead had been developing the concept since 2018, and the collaborative environment of the BBVA hub proved crucial in assembling the team, defining the product, and launching the platform.

The company addresses the significant challenge of high down payments required for property purchases in major European cities. Lucas' model allows customers to select a home, contribute an initial 5% of the property's value, and then rent the home from Lucas. The firm, through a real estate fund, finances the remaining 95% to acquire the property. This arrangement gives the client an exclusive option to purchase the home within a three to five-year period at a pre-determined price, allowing them to build equity through their rental payments. This structure effectively bridges the gap for individuals who struggle to accumulate the large upfront savings typically required by traditional mortgage lenders.

Initially backed by friends, family, and a seed round, Lucas gained early recognition as an influential startup at a Money 20/20 fintech conference. In May 2021, Lucas was acquired by Kodit.io, a prominent European iBuyer and proptech company based in Helsinki. Following the acquisition, the Lucas team took over the management and expansion of Kodit.io's operations in Spain, integrating its rent-to-own model into Kodit.io's broader suite of real estate services. At the time of the acquisition, Lucas reported having signed up over 15,000 potential homebuyers to its platform, demonstrating significant market traction.

Keywords: rent-to-own, proptech, real estate finance, homeownership, first-time homebuyers, lease-to-own, property technology, fractional ownership, Spanish startups, real estate investment, flexible homeownership, Madrid real estate, affordable housing solutions, financial technology, Steven Aitkenhead, Jorge Cáceres, Kodit.io, BBVA Open Innovation