Singapore: FinTech startup Rently announces launch, vows to reduce financial barriers for tenants

Singapore-based FinTech startup Rently has formally introduced its launch within the nation. The firm is engaged on a mission to redefine the property trade, easing the struggling confronted by renters.

Currently within the seed stage and planning Series A funding in Q1 2024, Rently’s key innovation lies within the comfort of its deposit-free rental, permitting customers to lease a house with zero upfront value, eradicating the financial burden of safety deposits.

By dealing with a tenant’s rental deposits on their behalf, Rently is not going to solely reduce financial barriers for tenants, but in addition streamline the rental course of, making it extra accessible and handy to the broader group. As per the corporate, this facility is the primary of its form in Asia Pacific.

Founded by 5 seasoned trade professionals; Dominic Schacher, Founder, Tarik Stafford, CPO, Siebren Kamphorst, COO, Emeric Martin, Head of Design, and Turan Kutlay Kunbi, CTO, Rently is envisioned as a platform that helps alleviate the financial burden of renters in addition to safeguard customers in opposition to potential rental scams.

Transforming the way forward for property administration with a one cease platform

Blending finance and property tech, Rently goals to rework property administration in Singapore by making renting less complicated and quicker.

For this, it’ll use expertise to streamline all the things, from itemizing and tenant acquisition to contract negotiations and help. By consolidating these important parts right into a single, user-friendly platform, Rently will likely be simplifying the complexities of property administration. Along with it, it’ll additionally set a brand new customary for pace, comfort, and effectivity within the dynamic panorama of the Singaporean rental market.

Explaining his imaginative and prescient, Dominic Schacher, Founder, Rently, mentioned, “Our purpose is to make renting property hassle-free by creating the first-ever seamless end-to-end property platform. This platform covers all the things from looking for a spot, transferring in with automated insurance coverage protection, to paying your deposit and lease—multi functional place.”

Our intention will not be solely to simplify the method, but in addition to improve security. By leveraging Singpass, we be sure that solely verified customers and properties are allowed onto our platform. This strategy helps get rid of the stress related to handing over deposits to unknown people, offering assurance that the rental transaction is respectable.

Dominic Schacher, Founder, Rently

Guarding in opposition to rental scams

Rental scams have steadily grown in quantity in Singapore and at the moment are turning into a matter of significant concern for these wanting to lease within the nation.

Facilitated by on-line platforms, rental scams have grown greater than 400%, from 192 circumstances in 2021 to 979 circumstances in 2022, in accordance to Singapore’s Ministry of Home Affairs and Ministry of Social and Family Development

To deal with this situation instantly, Rently will actively prioritise safeguarding the rental course of, formally implementing strong measures to shield in opposition to scams.

Through a seamless integration with SingPass, Singapore’s official nationwide digital ID, Rently will improve its safety, guaranteeing the authenticity of customers on its platform.

Rently acknowledged that it’ll make use of a stringent verification course of for landlords, providing a further layer of safety in opposition to potential scams by way of dependable credit score and background checks, diligent verification of financial info, and thorough tenant screening.

Explaining the corporate’s strategy to security, Siebren Kamphorst, COO & Co-Founder of Rently, mentioned, “Setting out with the intention of reshaping the way in which tenancy agreements and landlord-tenant disputes are dealt with, we needed to present a property administration platform that makes use of expertise to shield our shoppers with the best stage of safety, making property transactions as seamless as potential.”

Taking Rently to higher heights

Rently is backed by Aument Capital Partners, a multi-family workplace that caters particularly to the wants of serial entrepreneurs. To bolster its profile and strategic management, the corporate has appointed skilled entrepreneur and investor Dieter Schlosser to its Board of Directors in January 2024.

Dieter beforehand held the place of CEO of SoftwareOne, constructing it to a billion CHF world software program firm and main the corporate’s IPO on the Swiss Stock alternate.

Through his funding autos 5I Ventures and Rozario Capital Management, he’s at present working in direction of scaling out a number of high-growth and high-performance Tech Companies.