Deposit replacement firm Flatfair raises £9 million from investors

first_imgHome » News » Deposit replacement firm Flatfair raises £9 million from investors previous nextProptechDeposit replacement firm Flatfair raises £9 million from investorsList of investors includes the recently-departed CEO of Savills, Jeremy Helsby plus five mostly tech-orientated millionaires.Nigel Lewis16th August 20190946 Views Deposit replacement service Flatfair has raised £9 million in Series A funding from a group of six investors that includes the recently-departed Savills CEO Jeremy Helsby.Others in this latest round include founder of short-term upmarket lettings website OneFineStay.com Greg Marsh, and Taavet Hinrikus, who co-founded foreign exchange platform TransferWise.Since launching in 2017, Flatfair has raised money twice before from seed investors during its start-up phase.Flatfair is one of several tech platforms offering landlords and letting agents the ability to offer ‘deposit free’ renting. All have slightly different models, but Flatfair enables tenants to pay a one-off membership fee that equates to a week’s rent.In return tenants do not have to pay a cash deposit, and landlords are covered via Flatfair’s insurance-based product which provides protection equivalent to 12 weeks’ rent, plus free recovery of any additional claim above that sum and a dispute resolution service provided by Hamilton Fraser.New cashThe new cash is to be spent on increasing the size of its product engineer team and developing new features.Franz Doerr t(picture centre, above) told The Negotiator that: “The fundamental idea is to streamline processes around the tenancy to create revenue and savings opportunities for landlords and agents, whilst promoting a better customer experience, affordability, and fairness for tenants.“We’re working on a host of exciting new features that we’ll be able to talk about in the coming months, but we see opportunities to automate more functions within the lifecycle of a tenancy and think there are a number of big efficiency savings to be made by unifying old systems, dumping old paper systems and streamlining cumbersome admin.”Read more about Flatfair. deposit replacement flatfair Franz Doerr August 16, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img