Founded in 2005
Initial investment in 2011
Board member: Paula Arango
'Union Andina is an innovative company offering housing purchase and finance solutions to migrant workers from Latin America'
Union Andina enables Latin American migrants in the United States and Europe to purchase a home in their country of origin. It achieves this by offering migrant workers access to qualified real estate developers’ inventory as well as mortgage financing solutions. Union Andina also allows migrants to redirect remittance cash flows that are otherwise spent on consumption into investments in valuable real assets which benefits their entire families and allows them to realize lifelong dreams.
Union Andina focuses on Latin American migrants with substantial housing needs and a desire to buy a home in their country of origin. Union Andina aims to increase the share of remittances allocated to home ownership. Migrant workers relocate overseas to improve their family members’ well-being and increase their personal net worth. They often work 3 or 4 jobs in order to realize this goal to improve the quality of life of their family members in their home country.
Remittances to emerging markets totaled $440 billion in 2015.
Andy Altena, Founder and CEO, and a migrant himself, understands the value and importance of serving the migrant communities and has a genuine commitment and passion to help migrants achieve their goals of owning a home. He is an experienced financial services executive with substantial banking and loan structuring experience in Europe and Latin America. Andy was the Director of Derivatives Products for ABN AMRO in Spain, CFO and member of the Executive Committee at Banco Santander in Peru, and has also been a successful entrepreneur.