Austrian PropTech startup pinyya builds new path to homeownership from Latvia

Austrian PropTech startup pinyya has chosen Latvia as the base for its regulated investment business and future European expansion. Founded in 2022, the company has developed an innovative co-investment model that helps people become homeowners without waiting years to save for a traditional down payment. Following the recent decision of Latvijas Banka to grant pinyya invest an investment firm licence, the company is now preparing to scale its operations across Europe. 

Across much of Europe, a growing group of people can comfortably afford the monthly cost of a home but are still locked out of buying one. The reason is not affordability. It is that mortgage rules are still built around large deposits, long stable employment and traditional income profiles, which no longer match how many people earn and work today. pinyya was built to close exactly this gap. 

"Before founding pinyya, I served as CEO of s Bausparkasse, the building society of Erste Bank und Sparkasse. I saw first-hand where the traditional financing system reaches its limits. Many capable earners are excluded from homeownership not because they cannot afford monthly payments, but because the system no longer reflects how people live and work today," says Thomas Koeck, CEO and Co-Founder of pinyya. 

With pinyya, buyers purchase the share of a home they can afford today, move in straight away and increase their ownership step by step over time. The remaining share is held by investors through a regulated structure, so residents build real ownership from day one instead of choosing between renting and waiting years for a full deposit. 

"The traditional choice has always been all or nothing — either you buy 100 percent of a home, or you rent 100 percent and build no ownership at all. We created the missing middle path. People can start with what they can afford today and grow their ownership step by step over time," explains Koeck. 

Unlike traditional shared ownership or rent-to-own models, pinyya's Aligned Ownership structure is designed so that both homeowners and investors benefit from rental income and property appreciation under a transparent and regulated framework. 

Early interest confirms market demand 

pinyya is currently offering its service to homebuyers in Vienna, where the company says early interest has been encouraging. Thomas Koeck notes that the model has a naturally gradual start, as buying a home is a process that takes several months and the property search usually begins only once a customer has decided to proceed with pinyya. 

"We are at an early stage by design, with first customers in the pipeline rather than a long list of completed purchases. In our first eight weeks, we received around 125 inquiries from eligible customers, which has been a positive surprise in terms of the underlying demand for this kind of solution," says Koeck. 

He adds that the company has already completed one transaction end to end — the purchase of its own office through the pinyya model — to test every step of the process in practice before guiding customers through it. At present, the homebuyer, or Builder, side of the platform is live in the market, while the licensed securities offering for investors is still being implemented and will be launched carefully in coordination with the supervisor. 

Early customer conversations have also shown that the model can address different needs. Some potential buyers have strong incomes but not enough equity for a traditional bank mortgage, while others have sufficient savings but do not want to lock all their capital into one property and prefer to retain more financial flexibility. 

Latvia offers the right ecosystem for innovation 

Although founded in Austria, pinyya has always been built with a European mindset. Rather than concentrating all operations in its home country, the founders deliberately chose the best location for each part of the business. 

"When it came to obtaining our investment firm licence, we were looking for an ecosystem where innovative financial models are already understood by regulators, lawyers, banks and service providers. That search quickly led us to the Baltics, and Latvia stood out almost immediately," says Koeck. 

He particularly highlights Latvia's pragmatic and supportive regulatory environment.  

"I once described it this way: if you want to dance, you go where the music plays. Latvia was where the music was playing. What impressed us most was a regulator and an ecosystem that engage seriously and efficiently with innovation instead of trying to force new ideas into old structures." 

According to Koeck, this openness was an important factor in the company's decision to establish its regulated investment activities in Latvia. 

Building a long-term presence in Latvia 

The company emphasises that Latvia is far more than simply the place where it obtained its investment firm licence. By choosing Latvia as the regulated base for its European business, pinyya is building a focused, high-skilled team across compliance, regulatory affairs, investor operations, finance and platform support. The technology platform developed in Latvia will support the company's operations across Europe, while a dedicated shared services company is also being considered as part of its longer-term plans. 

"Over the next two to three years, we expect to create around ten positions within the regulated entity, with the potential for a similar number in a future shared services company as we continue scaling across Europe," says Koeck. 

The company views Latvia as its strategic hub for regulated investment activities while expanding its operations into other European markets. Vienna serves as the launch market for homebuyers, Germany is planned to follow in 2027, and additional European markets are expected thereafter. 

Advice for other international startups 

Reflecting on the company's experience so far, Koeck encourages other innovative businesses to consider Latvia when expanding internationally. 

"Engage with the regulator early and openly, treat them as a partner rather than a hurdle, and become part of the local startup ecosystem from day one. Latvia rewards companies that come prepared and communicate clearly, and the support available on the ground is well worth it." 

As pinyya continues to expand its innovative approach to homeownership across Europe, Latvia is set to play a central role in the company's future development—not only as a regulatory base but as an important centre for technology, investment operations and continued growth.