Financial technology company Cuentas has secured two land purchase agreements for the development of its two Cuentas Casa sustainable community initiatives.

The first agreement includes a 28.4-acre lot in Davenport, Florida, which will be used for the construction of a 370-unit apartment complex.

The second agreement includes a 27.2-acre property off the north-east coast of Florida, which will be allocated for the development of 300 Cuentas Casa apartments and covers 7.6 acres of land that is dedicated to conservation.

These acquisitions include permits and entitlements that will streamline the development process and reduce costs.

The company will make definitive agreements within the next 90 days, which will be followed by immediate development.

The Davenport property will be the second 'Arden' of the Cuentas brand and will be situated in close proximity to Orlando with the aim of introducing sustainable, accessible, and affordable housing options to the expanding Orlando market.

The second property in Palm Coast will offer access to Flagler Beaches, which is located between the popular tourist destinations of St Augustine and Daytona Beach.

Cuentas has also partnered with RENCO, a technology company specialising in renewable composite products. This partnership supports Cuentas’ commitment to sustainable development.

By using RENCO's innovative building technologies, Cuentas can deliver projects more efficiently and cost-effectively and therefore align with its growth objectives.

Cuentas co-founder and CEO Arik Maimon said: "As housing in general becomes less attainable, and particularly for those left out of the system, we are excited to be able to move forward with these affordable, accessible and sustainable development initiatives.

"We believe that Cuentas' development technology gives us a critical advantage during a time when other developers are facing increasing financial pressure."