What Happened — Loft 2025 Annual Results Overview
Loft, the São Paulo-based proptech founded in 2018 by Mate Pencz and Florian Hagenbuch, disclosed its 2025 annual performance results in an interview with Bloomberg Línea on March 6, 2026, marking the company’s second full year of profitable operations. The company processed a record 1.2 million transactions during 2025 — encompassing residential purchases, sales, and rental agreements — a 35% increase over the approximately 889,000 transactions handled in 2024.
As a privately held company, Loft does not report net income or revenue in absolute terms. The strategic story, however, is clear: the business that started as an iBuyer — buying, renovating, and reselling apartments in São Paulo — has completed a structural transformation into a B2B fintech and SaaS platform. Fintech products, led by its rent guarantee service, now account for the majority of company revenue, a shift that CEO Pencz described as the defining feature of the current phase.
The company reported growth above 30% per year since break-even, consistent with both the 2025 transaction volume increase and prior periods. The result positions Loft as a profitable, cash-generative operator in a segment — Brazilian proptech — that spent most of its existence consuming venture capital at significant rates. Since its last funding round of $100 million in August 2023, the company has not required external equity to sustain its expansion.
Key Drivers — Loft 2025 Fintech and Platform Growth
Fiança Aluguel — Rent Guarantee Flagship
The Loft Fiança Aluguel — a rent guarantee instrument that eliminates the need for a traditional co-signer or security deposit — is the largest revenue driver and what Pencz calls the company’s “flagship.” Inherited through the 2021 acquisition of CredPago, Brazil’s market leader in surety-style rent guarantees, the product operates by analyzing tenant credit risk in under a minute and issuing a guarantee that gives landlords security, tenants flexibility, and real estate agencies the ability to close rental deals in a single day rather than weeks.
The unit was tracking toward 650,000 active contracts by the end of 2025 according to projections made in June of that year. The addressable opportunity remains large: Pencz estimates that 60% of the Brazilian market is still unaware of the rent guarantee modality, and the total pool of rental contracts in Brazil is approximately 13 million, against roughly 1 million across all digital guarantee providers. The penetration gap is structural and independent of the interest rate cycle.
A variant product, Garantia Investe, introduced an investment-backed guarantee in which the tenant’s security deposit is placed in Tesouro Direto (Brazilian government bonds), generating yield and liquidity while serving as collateral. The product scaled rapidly in 2025, with contracts up 84% year-over-year. As of the report date, the product had accumulated R$75 million (~$14.2M) in outstanding proposals and was drawing approximately 70 new real estate agencies per week. Loft’s target is to reach 7,000 active Garantia Investe contracts by the end of Q1 2026.
Home Equity — Fastest-Growing Fintech Vertical
With the Selic rate at 15% — the highest level in roughly two decades — traditional mortgage financing has become increasingly inaccessible to a wide range of borrowers. Loft’s home equity product, which allows property owners to borrow against their real estate at interest rates materially below those of unsecured credit, found a sharply expanding market in this environment. The number of home equity contracts issued through the Loft platform rose 104% in 2025, while the volume of credit contracted advanced 121%. The average approved ticket was R$420,000 (~$79,700).
The business model is designed for capital efficiency: Loft acts as a marketplace connecting banks and borrowers, earns a commission from the financial institution, and does not hold credit risk on its balance sheet. Pencz noted that many borrowers use the product to access 20% of their property value — a relatively conservative loan-to-value ratio — positioning home equity as a practical, lower-cost alternative to consumer credit rather than a full-recourse mortgage. Given the product’s still-limited mainstream penetration, the company expects the pace of growth to remain elevated in 2026.
Payments Products — Second Wave of Innovation
In the second half of 2025, Loft launched two new financial products that extend the platform’s reach into the payment flows of real estate agencies — an area that Pencz described as a “second or third wave” of innovation after the foundational fintech verticals of rent guarantees and mortgage origination.
Loft/Repasse, launched in October 2025, automates accounts payable and receivable for real estate agencies — including rent collections, landlord disbursements, and broker commissions. In its first month of operation, the tool processed R$10 million (~$1.9M) and demonstrably reduced administrative time by half and banking fee costs by up to 70% for partner agencies. The target is R$100 million (~$19.0M) in monthly transactions by the end of 2026, a scale that would make it a meaningful fee-generating revenue line in its own right.
Loft/Antecipa, launched in November 2025 in partnership with fintech CashGo, targets a different pain point: property owner cash flow. The product allows landlords to receive up to 24 months of rent income in advance, within 24 hours, against a fee. The addressable market is 17.8 million rented households in Brazil — a base that dwarfs Loft’s current operations and offers significant upside if the product scales efficiently.
Financial Detail — Loft 2025 Key Performance Indicators
Loft does not disclose absolute revenue or EBITDA figures as a privately held company. The performance picture is constructed from reported KPIs, product contract growth rates, and management commentary. The key disclosed metrics are summarized below.
Loft 2025 Platform and Transaction KPIs
| Metric | 2025 | 2024 | YoY % |
|---|---|---|---|
| Total Transactions (buy + sell + rent) | 1.2M | ~889K | +35% |
| Revenue Profitability (years) | 2nd yr | 1st yr | — |
| Revenue Growth (stated) | >30% | >30% | — |
| B2B Partner Imobiliárias | 7,000+ | 7,000+ | — |
| Cities with Presence | 600+ | 600+ | — |
| Properties Listed (marketplace) | 140,000+ | — | — |
| Daily Site Visits | 3M+ | — | — |
| Total Employees | ~1,200 | — | — |
Loft 2025 Fintech Product Performance Metrics
| Product | Key Metric | 2025 Change | Additional Detail |
|---|---|---|---|
| Fiança Aluguel | ~650K contracts | Mkt leader | 60% of market unaware of modality; 13M total rental contracts in Brazil |
| Garantia Investe | Contracts +84% | +84% | R$75M (~$14.2M) in proposals; 70 new imobiliárias/week; target 7K contracts Q1 2026 |
| Home Equity | Volume +121% | +104% / +121% | Contracts +104%, volume +121%; avg ticket R$420K (~$79.7K); marketplace model |
| Loft/Repasse | R$10M month 1 | New (Oct 2025) | Payments automation; −50% admin time; −70% banking fees; target R$100M/mo by end 2026 |
| Loft/Antecipa | 17.8M HH market | New (Nov 2025) | Rent advance: up to 24 months in 24 hours; CashGo partnership |
Management Signals — Loft CEO Strategy and Outlook 2026
Fintech-first identity: CEO Pencz was explicit that the company is completing a “definitive pivot” to financial services. Fintech products — primarily rent guarantees and mortgage origination — already produce the majority of revenue. The original iBuyer model has been almost entirely wound down, with the exception of São Paulo. The company is now best described as a financial infrastructure layer for Brazil’s approximately 7,000 partner real estate agencies.
AI-powered SaaS vertical: Loft is building out an AI agent layer within its SaaS offering for real estate agencies. Use cases in production include lead qualification, lead management, and property pricing. Pencz described this as the “second or third wave” of products, positioned to generate recurring software revenue on top of the transaction and commission income already flowing from the fintech vertical.
R$100 million tech investment in 2026: The company has committed R$100 million (~$19.0M) to the technology division in 2026, representing a 50% increase over its prior two-year annual average. The tech headcount is being scaled to 300 people — 25% of a projected total workforce of 1,200. Pencz framed the investment as building the product foundation not just for 2026 but for 2027 and 2028, signaling a multi-year R&D agenda.
Payment delays resolved: In mid-2025, Loft faced complaints from partner real estate agencies about late rent disbursements to landlords and tenants — an operational disruption linked to the Transfeera payment platform outage following a cybersecurity incident at C&M Software. Pencz stated the issue was fully resolved, involving the hiring of 100 additional default-management staff and AI automation of payment reconciliation. Current payment processing times are below pre-incident levels.
IPO — no urgency, but preparation underway: Loft is operating with audited financials, Big Four advisory, and internal controls benchmarked to listed-company standards. Pencz acknowledged monitoring the U.S. IPO window — which had begun to open before geopolitical volatility from the Iran conflict injected fresh uncertainty — but was deliberately non-committal on timing. “We fought hard to reach profitability and stand on our own feet,” he said. “That took away the urgency.”
Watch Next — Loft Catalysts and Milestones to Track
The most concrete near-term milestone is the Garantia Investe target of 7,000 active contracts by end Q1 2026. This is a binary, time-bound test of whether the product has reached genuine product-market fit or is still in early scaling. The 70-new-imobiliárias-per-week intake rate and R$75 million in outstanding proposals suggest the demand signal is real — but the ability to close and activate those proposals at volume is the operational challenge.
Loft/Repasse’s trajectory from R$10 million in its first month toward the target of R$100 million monthly by the end of 2026 will be a leading indicator of whether Loft can build a meaningful payments business on top of its existing broker relationships. The economic logic is compelling — agencies are already transacting on Loft’s platform and seeking to reduce banking costs — but competing for payment flow within the imobiliária ecosystem puts Loft in indirect competition with banks and fintechs that are increasingly targeting the same segment.
The Selic rate trajectory at the Banco Central do Brasil’s March 18, 2026 Copom meeting is a macro catalyst with direct implications for both sides of Loft’s book. A meaningful easing cycle would revive traditional mortgage demand through CrediHome and potentially compress the attractiveness of home equity as an alternative — while simultaneously boosting consumer purchasing power for residential transactions in general. Management’s ability to navigate a rate-driven shift in product mix will be a key test of the portfolio’s resilience.
Longer term, the IPO path is the defining strategic variable. Pencz’s careful framing — no urgency, but all internal preparations underway — suggests a listing in the 2026–2027 window is a realistic base case. A U.S. listing would provide liquidity for early investors (including Andreessen Horowitz and Thrive Capital, both of whom backed multiple rounds from 2019 onward), validate the company’s shift from a startup burning capital into a durable financial services platform, and fund further M&A in a Brazilian proptech market that management believes is still highly fragmented.
Risks — Loft Investment and Operating Risks
The Selic rate at 15% is simultaneously Loft’s most significant tailwind and its most significant risk. High rates make home equity attractive and traditional mortgages unaffordable — a combination that has driven rapid growth in Loft’s highest-growth product. But those same rates compress the residential transaction volume that underpins the platform’s core marketplace business and slow the formation of new rental contracts as would-be buyers defer purchasing and remain renters. Rate cuts would benefit the transaction side but challenge the home equity narrative.
Inadimplência — tenant and borrower default — is an operational risk that surfaced publicly in mid-2025 when payment delays to landlords triggered complaints from partner agencies. While the company attributed the disruption to an external technology infrastructure failure rather than a default surge, a deterioration in the quality of the CredPago guarantee book (350,000+ contracts at the time of the issue) or in CrediHome’s mortgage portfolio during a prolonged high-interest-rate recession could generate balance-sheet losses and reputational damage with the imobiliária network.
Competitive intensity is increasing. QuintoAndar, the largest residential real estate marketplace in Brazil and itself a unicorn, competes directly in rent guarantees. Porto Seguro, through its financial services arm, is a well-capitalized incumbent in the fiança locatícia segment. OLX Grupo Zap controls high-traffic property listing portals. Each of these competitors is larger by headcount or by established distribution, and all are investing in fintech capabilities that overlap with Loft’s product roadmap.
The IPO timeline uncertainty is a risk for early-stage investors rather than for the operating business, but it matters for the ecosystem. If global uncertainty — geopolitical volatility from the Middle East conflict, elevated U.S. rates, Brazilian fiscal concerns — keeps the window closed through 2026, founders and venture investors will face a longer liquidity horizon than anticipated. Loft’s ability to operate profitably without requiring new capital substantially reduces the pressure to IPO at a suboptimal valuation, but it does not eliminate the incentive entirely.
Sector Context — Brazilian Proptech and Real Estate Technology
Brazil’s residential real estate market is one of the largest in the world by housing stock and one of the most technologically fragmented. An estimated 80,000 independent real estate agencies operate across the country, most with minimal digital infrastructure and limited access to formal financial services. This fragmentation is exactly what Loft has identified as its opportunity: rather than competing for the end consumer directly, the company has positioned itself as the technology and financial layer that helps agencies grow.
The rent guarantee segment specifically exhibits structural growth dynamics that are largely independent of the broader economic cycle. Approximately 13 million rental contracts are active in Brazil, against fewer than 1 million covered by digital guarantee instruments — an installed-base penetration below 8%. Even with Selic at 15% and consumer purchasing power under pressure, the rental market expands during periods of high interest rates as aspiring homebuyers defer purchase and remain renters. This counter-cyclical demand dynamic is one of the reasons rent guarantee revenue has been resilient through the current tightening cycle.
The broader Brazilian proptech ecosystem saw a significant shakeout between 2022 and 2023, as rising rates, tightening venture capital conditions, and the collapse of the iBuyer model globally forced widespread restructuring. Companies including Loft itself cut headcount sharply — over 1,200 positions between 2022 and early 2023. The survivors that pivoted to asset-light, B2B, recurring-revenue models have generally fared better. Loft’s break-even in Q4 2023 — five years after founding — was described by industry analysts as unusually fast given the scale of prior losses and the difficulty of the macroeconomic environment.
Brazil accounts for approximately half of Latin America’s GDP and an even larger proportion of formal real estate transactions in the region. Loft’s expansion into Mexico — still nascent — and its stated ambition to become the largest real estate ecosystem in Latin America point toward a regional story that could eventually extend its platform to markets with similar structural characteristics: fragmented agency networks, low digital penetration, and large rental markets underserved by traditional financial institutions.