Flatfair, the ‘deposit-free’ renting platform, raises $11M led by Index Ventures
Flatfair, a London-based fintech that lets landlords offer “deposit-free” renting to tenants, has raised $11 million in funding.
The Series A round is led by Index Ventures, with participation from Revolt Ventures, Adevinta, Greg Marsh (founder of Onefinestay), Jeremy Helbsy (former Savills CEO) and Taavet Hinrikus (TransferWise co-founder).
With the new capital, Flatfair says it plans to hire a “significant” number of product engineers, data scientists and business development specialists.
The startup will also invest in building out new features as it looks to expand its platform with “a focus on making renting fairer and more transparent for landlords and tenants.”
“With the average deposit of £1,110 across England and Wales being just shy of the national living wage, tenants struggle to pay expensive deposits when moving into their new home, often paying double deposits in between tenancies,” Flatfair co-founder and CEO Franz Doerr tells me when asked to frame the problem the startup has set out to solve.
“This creates cash flow issues for tenants, in particular for those with families. Some tenants end up financing the deposit through friends and family or even accrue expensive credit card debt. The latter can have a negative impact on the