Milo: Expanding financial access for a global world

By Josip Rupena

October 8, 2023 4 min read

Milo: Expanding financial access for a global world

When I established Milo in 2019, it was a response to a clear need: facilitating overseas investors, especially those who confronted daunting barriers, to secure mortgages in the U.S. My experience as an advisor to foreign nationals gave me firsthand insight into those challenges. It wasn’t merely about finance but about equal opportunity in a globalized world.

The robust growth of the U.S. economy, bolstered by a remarkable $4.46 trillion in foreign direct investment in 2019[5], positions the nation as a sanctuary of financial stability, especially when compared to Latin America's unstable economic landscape. Challenges such as Venezuela's soaring 200%+ inflation[1], Chile’s significant constitutional changes[2], and Argentina's persistent defaults[3] underscore the pressing need for reliable investment channels outside volatile environments. Moreover, with half of Latin America's residents still lacking comprehensive financial services[4], the demand for accessible and trustworthy investment pathways is much needed.

Recognizing this, Milo’s first solution was to provide foreign nationals with US mortgages. Traditional U.S. mortgage systems, primarily designed around its domestic audience, often exclude global consumers, particularly those without ties to the U.S. By democratizing access through our digital platform, we provided a seamless bridge to investing in the U.S for international consumers like Latin Americans, who, despite possessing robust financial health, frequently encounter barriers in their quest for U.S. real estate investments.

Building upon this foundation, and in line with our ethos of democratizing financial access, Milo then expanded to serve clients that had amassed crypto wealth. By pioneering the world’s first crypto mortgage, we further broadened the ability for more people to qualify, reinforcing our commitment to serve a global clientele in an ever-evolving financial landscape.

Since our inception, Milo has facilitated over 13,000 pre-qualification and mortgage applications for consumers in over 93 countries. Yet, when we consider that currently only 12% (77 million) of the Latin American population benefits from digital finance technology [6],it's clear our journey has just begun. Observing distinct investment patterns among foreign nationals in the U.S. real estate market, we recognize that it’s imperative to be more inclusive and help customers earlier in their U.S. investment journey. Beyond the specialized markets of crypto and international mortgages, we envision broadening our digital solutions. This expansion aims to lower the entry barriers, opening up opportunities for a wider array of global investors to tap into the security of the U.S. dollar without the substantial reserves often associated with mortgages.

There’s immense potential to leverage new financial technologies to serve investors eager to diversify internationally. Innovative payment solutions, alternative credit underwriting, and seamless cross-border financial services can be the conduits connecting global consumers to the stability of the dollar – thereby providing millions with the piece of mind that their assets are safe.

In summary, Milo's trajectory is not defined by a singular offering but by a philosophy: relentless innovation to address unmet needs. Our expertise in navigating cross-border complexities equips us to lead this charge. We envision a financial ecosystem where access is democratized, and where investors can truly diversify and build wealth, irrespective of geography. That's the promise Milo made in 2019. Today, and in the future, we're committed to making this vision a reality for all.

– Josip Rupena, CEO and Founder of Milo

References [1] IMF World Economic Outlook, Oct 2022 [2] Reuters. “Chile Approves Draft Constitution.” 3/14/22 [3] The New York Times. “How Argentina Settled a Bond Crisis.” 9/2/20 [4] The World Bank. “Financial Inclusion on the Rise, But Gaps Remain, Global Findex Database Shows.” 4/19/18 [5] Bureau of Economic Analysis. “Foreign Direct Investment in the US, 2021.”

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.


CEO / Founder at Milo

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