A fintech founded by a senior executive at Deutsche Bank raised $ 9 million for landlords to pay in advance
Rental income fintech Futurerent has raised $ 9 million as it appears to be rolling out nationally.
The round was led by OIF Ventures, with BridgeLane, Mulpha International, iPartners, MFO Investments and Second Century Ventures. The funds are earmarked to expand the startup’s national presence, launch new products and build further integrations.
Futurerent provides real estate investors up to $ 100,000 in rental income in advance, within two business days.
The option has been popular, with landlords applying for more than $ 2 million in advanced rent monthly. Fintech said that the book size has grown 10 times in the last financial year, while the total rental price for real estate investors increased by 11 times. The business did not disclose the total size of the loans.
Former Vice President of Deutsche Bank Australia, Godfrey Dinh, founded Futurerent in 2019.
“We give real estate investors an easier way to withdraw money and access the money they need to increase wealth,” he said.
“We have asked investors what they prefer – $ 500 a week, or $ 52,000 in advance? For most real estate investors, it is easy to get up to 2 years rent in advance. Our customers convert the rental income into investment capital so that they can do more with the rent. “
The business takes 6% of the rental advance to landlords.
Dinh said that “a significant proportion” of customers have savings to meet their needs, but prefer the company’s alternative.
“They also want to avoid the complexity of dealing with banks. Banks are good at helping homeowners with mortgages, but Futurerent provides a much better experience for real estate investors,” he said.
“Since we started, Futurerent has incurred zero losses and has zero defaulted transactions. This is because we help financially responsible real estate investors increase their wealth by doing more with their rental income.”
OIF Ventures partner Jerry Stesel said that Futurerent has created a new financing category.
“Futurerent has identified that easy and affordable access to capital is the biggest barrier preventing wealth investors from creating wealth, and they have developed a groundbreaking solution,” he said.
“We believe that the company’s momentum will continue to grow, and that Godfrey’s vision to recreate how real estate investors create wealth will take Futurerent to significant heights.”
