Deposit alternative service Zero Deposit has received another £1.8m investment- just as it launches its own insurance service.
The fundraise provides capital to launch the new insurer - called Equitable Rental Insurance - and for Zero Deposit to sell the product to tenants.
All the capital was raised from existing shareholders including some large property brands including Connells Group, Acorn Group, KFH, Knight Frank and The Dispute Service.
Zero Deposit says the move to set up its own insurer is an example of the firm’s commitment to be a fully regulated deposit replacement product providing agents, landlords and tenants with a regulated product.
The launch statement for the new product cites Richard Twigg - Connells Group Finance and Commercial Director - saying: “Connells Group is a long-standing supporter of Zero Deposit and its market-leading product, and we are delighted to continue investing in the business and team. We see Zero Deposit as a key feature within our lettings toolkit across the Group.”
Sam Reynolds, chief executive at Zero Deposit, adds: “It’s a hugely exciting new phase for Zero Deposit; launching our own insurer offers our partners the significant benefits of a regulated, secure product while we gain more flexibility to make improvements to the product and underwriting at pace.
“This funding round equally allows us to further invest in establishing Zero Deposit as the norm in the rental market and deliver our ambitious plans for 2022.”