6 years ago
Fronted: Fintech Startup Aims to Make Life Easier for Renters
Fronted, a new London-based startup aiming to make life easier for renters, is breaking cover today
The company, founded by former employees at Bud, Monzo and Apple, will launch early next year with a fintech product to help renters finance their rental deposits
Fronted aims to provide a more affordable and manageable alternative to existing options like credit cards, payday lenders, and insurance-backed schemes
The startup plans to extend its product offering with additional money-advance services to help smooth out the bumps of renting, including a "turn up and turn on" service for utilities and internet.
ProblemFinancial Services
"Renters in the UK face a huge upfront cost when moving into a new property, which can be a big barrier to finding a new place. This is especially true for people who are on low incomes or are trying to save up for a deposit on a house."
Solution
"Fronted is a fintech company that offers renters a way to finance their rental deposits. They use Open Banking to assess a renter's creditworthiness and then provide a loan that can be used to pay the deposit. The loan is repaid in manageable monthly installments and there are no fees. This means that renters can move into a new property without having to pay a large upfront sum."
