A group of former employees from Monzo, Bud and Apple have launched a platform specifically for renters.
In Brief:
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Fronted will launch next year and will make paying rental deposits easier.
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Open Banking will be used to link the platform to bank accounts so payments to estate agents can be arranged.
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This means the company can lend money for deposits at low rates.
What does this mean?
Several FinTechs are taking on the challenge of making renting easier, especially since around 4.5mn people in the UK rent, including 35% of 25-34 year olds. Renters often have very little savings to it can be difficult to find a deposit quickly and easily when a new property becomes available.
