Virgil invests equity alongside young professionals so they can acquire their dream home and start building up their net worth

Despite record low mortgage rates, it has become harder than ever to become a homeowner. In Paris, the price per sqm has increased by 150% since 2000 while disposable incomes have remained static. Without a substantial contribution from family, becoming a homeowner requires impossible compromises: buying a property too small, too far away, or not buying at all. Nevertheless, 89% of French people over 25 consider that becoming a homeowner is a priority. And with good reason: in barely three years, savings on rent pay back transaction fees.

Virgil, founded by Keyvan Nilforoushan and Saskia Fiszel (formerly at onefinestay), is breaking this stone ceiling by providing young professionals the necessary deposit to access a property that truly meets their needs. This is a first in the French property world. The fintech raised 2.1 million euros from Alven Capital, LocalGlobe and Kima Ventures to support its development.

Virgil boosts the deposit to avoid compromises on home size or location.

Virgil provides young professionals the necessary deposit to buy an apartment that really meets their needs. It’s not a loan, it’s equity. Virgil can provide up to 100 k€ per transaction. For a 10% contribution, Virgil will own 15% of the apartment. The acquirer can sell their apartment at any time, or buy back Virgil’s share after ten years from the date of purchase.

For example: for a 400 k€ property in Paris (i.e. 430 k€ including transaction fees), and a buyer with a 390 k€ borrowing capacity, Virgil would contribute 40 k€, i.e. a 10% contribution, to enable the transaction. Virgil will then own 15% of the apartment for a maximum period of ten years.

Virgil reinvents the entire home acquisition process 

Virgil’s support is not just financial. The Virgil team is the acquirer’s best ally: a trusted partner, a source of information and an outside reference. All as part of a fluid, digital purchasing process.

The team has also launched Spoune, a media for the Virgil community, tackling with each issue a different finance-related question, giving your professionals the tools they need to widen their options in life.

To support its growth, the business is raising 2.1 million euros from Alven Capital, LocalGlobe, Kima Ventures and well-known business angels: Greg Marsh and Demetrios Zoppos (founders of onefinestay), Oleg Tscheltzoff (serial entrepreneur, founder and CEO of Fotolia), Thibaud Elzière (serial entrepreneur, at the head of eFounders), Augusta (Patrick Sayer). Virgil targets 100 transactions per month by the end of 2020 and 5,000 between now and the end of 2021.

“Becoming a homeowner is the first step in building up one’s net worth. We launched Virgil to enable everyone to take this first step in the best possible way” explain Keyvan Nilforoushan and Saskia Fiszel, Virgil’s founders.