Discover the story behind Milo, the fintech startup offering home loans to global and crypto consumers, in this exclusive interview with CEO Josip Rupena.
Josip, can you tell us a bit about yourself and brief us on your career before Milo?
I’m Josip Rupena, the founder and CEO of Milo, a fintech startup that provides home loans to global and crypto consumers. Since launching in 2019, we’ve been fortunate to raise $24 million in funding from top investors such as QED investors, Metaprop, 10x Capital, and California venture firm M13. Prior to starting Milo, I gained valuable experience as a Financial Advisor at Morgan Stanley, working with international clients and financial institutions.
I also served as a Portfolio Manager and Head Trader at an investment firm managing $1 billion in assets. My career in finance began at Goldman Sachs where I worked with institutional private clients with assets over $3.5 billion. I’m a proud graduate of the University of Miami, where I majored in Finance and graduated with honors.
What sparked your interest in the Finance industry and led you to begin your career in this field?
Kicking off my professional journey at Goldman Sachs, I was responsible for managing institutional private clients with assets worth over $3.5 billion. Following this, I pursued my passion for finance by majoring in it at the University of Miami, where I graduated with honors and Cum Laude distinction. The knowledge and skills I gained during my academic years continue to be invaluable assets throughout my career.
Could you tell us more about Milo and what was the inspiration behind starting this company?
Milo is a financial technology company that offers home loans to global and crypto consumers. We set out to create investment solutions for overlooked consumers like Foreign Nationals and Global (including U.S.) crypto holders. We felt that existing players were not focused on building solutions for their unique situations and mostly targeting consumers they could underwrite more easily. We will expand our product offerings over time, but always with a focus on helping them diversify their investments.
Which flagship products of Milo help meet most of the customer needs?
Milo is a Miami-based financial technology company that offers home financing solutions for global and crypto consumers. Earlier this year, Milo added crypto mortgages to its suite of products, being the first of its kind for customers buying U.S. real estate.
What are the advantages that a crypto mortgage offers over a traditional one?
One of the limitations of traditional mortgages is that your crypto holdings are not factored into your overall wealth when determining eligibility. However, with a crypto mortgage from Milo, your crypto assets will be taken into account and can even help you qualify. In contrast, those seeking a mortgage through traditional channels would typically need to liquidate their crypto holdings in order to meet the necessary financial requirements. With a crypto mortgage from Milo, however, this isn’t necessary, allowing you to maintain your investment portfolio while still securing the financing you need.
How do you perceive the future of blockchain technology as it relates to the real estate finance industry?
The future looks bright for the cryptocurrency insurance industry. In the wake of the recent market crash, many investors have been seeking ways to protect their assets. Cryptocurrency insurance provides a much-needed safety net for investors, and the demand for these policies is likely to continue to grow in the coming years. In addition, as the industry matures, insurance companies are likely to become more sophisticated in their underwriting and risk management. As a result, we can expect to see more comprehensive and affordable policies being offered in the future.
Ultimately, cryptocurrency insurance is poised to become an essential part of the investing landscape, and investors would be wise to take advantage of these policies while they are still available.
With blockchain, insurers can validate claims and detect fraudulent activities more easily. Additionally, they will be able to identify duplicate transactions which prevent insurance fraud in the first place.
Insurance companies will be able to offer their customers more security with blockchain smart contracts, which create an immutable record based on insurance policy owners’ records. This means that any claims made can immediately accept or deny them without delay.
Blockchain’s ability to create trust in a system without any need for central authorities or third-party involvement has significant implications on how we do business today, with its potential unlocked by three unique features that are only becoming more prominent as time progresses- Artificial Intelligence (AI), Big Data & Internet of Things (IoT).