The concept of deposit alternatives is gathering pace and now one PropTech firm closely involved in it - Reposit - has won £500,000 new funding from investors.
The funding will go to increasing staffing and widerning the product range.
Some three years ago the founders, Jude Greer and Brendan Short, introduced a mobile app and online service which means tenants and landlords can be party to insurance costing the equivalent of one week’s rent.
This so-called Reposit is tied to the tenancy so renters take out a new policy when they move; agents receive referral fees of £25 to £75 per policy.
Reposit claims tenant behaviour improves if they sign an insurance-based deposit replacement scheme.
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