“Real Estate Tech Startup Raises $2.1 Million to Build Comprehensive Digital Trading Platform in Vietnam”

In 2021, Citics raised $1.3 million in its pre-Series A round from a group of domestic and international investors, including Vulpes Investment Management (which had previously invested in the unicorn startup, Property Guru, from its seed round), Nextrans, and TheVentures. Prior to this, Citics had secured $700,000 from angel investors.

Citics is currently focused on digitizing the entire real estate transaction journey, from valuation, mortgage lending to buying and selling. Their aim is to simplify, improve accessibility, and bring transparency to all parties involved in these processes.

Citics began with a focus on property valuation for mortgage lending, a process often criticized for its slowness and lack of consistency.

Citics developed Vietnam’s first automated valuation model (AVM), enabling banks to determine property values quickly and accurately.

Citics Valuation has become the valuation partner of over 32 banks nationwide in their mortgage lending operations. This valuation platform also underpins Citics’ expanded offerings, particularly in real estate buying, selling, and investment, where data accuracy and standardization are crucial.

Citics introduced Citics Mortgages, a digital platform that streamlines the mortgage application process. It enables customers and brokers to easily assess their borrowing capacity based on collateral, personal circumstances, and actual needs from multiple partner banks. The system provides information on loan amounts, interest rates, associated costs, and processing times, allowing users to conveniently compare loan packages, submit applications online, and track the entire loan process through the app.

To date, the total monthly disbursement through the platform has exceeded 1,000 billion VND.

In parallel, Citics is also piloting Citics Homes, a new real estate transaction platform. The initial focus is on supporting banks in selling distressed assets, while gradually expanding the scope of services and refining the digital real estate ecosystem.

This service, along with the entire Citics ecosystem, is built on an exclusive real estate data platform that has digitized over 33 million properties across 38 provinces and cities in Vietnam.

Mr. Nguyen Hoa Chung, representing TVS, shared: “Citics possesses one of the most comprehensive and standardized real estate data platforms in Vietnam today. This is the core infrastructure to revolutionize how users access and execute real estate transactions in the digital domain. It is a rare combination of vision, execution capability, and strategic positioning in a market that desperately needs innovation.”

Citics was established in 2018 by Mr. Tran Minh Long, who has over 15 years of experience in the real estate industry and was recognized by Forbes Vietnam in their 30 Under 30 list.