Problem
In Brazil, 17,8 millions of homes are rented, and virtually no rental is closed without a guarantee. In practice, the real estate agency guarantees the landlord: in the event of the tenant's default, it anticipates the transfer to preserve the relationship with the landlord and only then invokes the guarantor. In other words, it provides equity capital and assumes the position of creditor of a company whose solvency it cannot measure. And the refund takes a long time, today enter 60 and 90 days. The real estate agency cannot distinguish whether the delay is the guarantor's internal process or a lack of support, because the reserve that supports its operation is not public. When ballast is lacking, there is no warning: at 2025 one of the largest guarantors in the country closed the operation and left about 45. 000 contracts and 3. 000 Imob
Solution
Mutav is the guarantor: it issues onerous security under art. 37 II of the Tenant Act and assumes the risk on its own balance sheet. The difference lies in the reserve that underpins this guarantee. We use Stellar's on-chain infrastructure to keep it tokenized, with a public balance. The real estate agency monitors the solvency level and the size of the reservation through the platform and can check the same number directly on the network, without relying on a report that Mutav produces about itself: transparency ceases to be a promise and becomes the product. The same path shortens the path between the activation of the real estate agency and the money in her account. And what keeps that balance healthy is price discipline, on the market floor, and a conservative approval criterion from the first contract.
Business model
B2B2C. Mutav sells to the real estate agency, which originates the contracts and receives the monthly charge, and the cost of the guarantee belongs to the tenant, who contracts it together with the lease. The ticket is recurring, not unique. The rate ranges from 9% the 15% of the monthly rent, defined by the tenant's credit score. About the average Brazilian rent of R$2. 200 (US$440) and the average rate of 10%, are R$220 (US$44) per contract per month, charged while the lease is active.
Market
The market is Brazil, with the possibility of future expansion to the LATAM market. In Brazil, they are 17,8 millions of rented homes in the country. The Mutav addressable market is the guarantee paid share of the flow of that market, estimated at around US$10 billions a year.
Competitors
Grupo loft, Mellro, Aluga+, and insurance companies such as Tokyo and Porto Seguro.
Competitive differentiation
No guarantor in Brazil publishes your reservation, and the reason is not technical. Publishing only favors those who are well booked and charge the right price: those who operate with a fine reserve and a price below the risk lose when opening the number. That's why transparency is not a feature that a competitor copies, it's a position that they would have to change structure to occupy. Mutav was born in it. The reserve has been on-chain since the first contract, the real estate agency checks the balance without asking for permission and without depending on our report, and the coverage arrives faster than 60 the 90 days that the market practices today. It's transparency as a product, not as a discourse.
Entry barrier
The distribution. Saint 74. 000 real estate agencies in Brazil and none can be conquered remotely: changing guarantors is a trustworthy decision and takes months. Mutav's access to the pilot corridor comes from a counselor with +30 years of experience in the rental market, so the first portfolios enter by relationship, not through cold prospecting. In addition to the knowledge of blockchain and financial product development, our team brings together competencies that, combined, allow us to build and scale the company in this field.
Traction
Pipeline of over 25 real estate agencies, ranging from 50 Ate 3500 contracts in the north of Rio Grande do Sul and the coast of SC, and 5 of them signed with a letter of intent (LOIs). Product and ecosystem: live platform, reserve contract running on a testnet on Stellar, acceleration from the Stellar Development Foundation, receipt of non-diluting Stellar Grants.