London-based fintech Flatfair has raised $11m in a round led by Index Ventures.

The fintech, which aims to tackle the rental market in london by offering deposit free renting to tenants, says it’s already saved tenants “over £4,000,000 in deposit fees” and now looking to  “lead the way with the renting revolution that’s taking the industry by storm,” in a blog post.

The $11m funding comes from popular VC Index Ventures which has backed companies such as Facebook, Deliveroo, ASOS and Revolut to name a few.

The company also stated that it aims to “offer instant referencing which enables managing agents and landlords to reference tenants in minutes which in turn can result in same day move ins,” also written in a company statement.

CEO Franz Doerr said: “Like much of Britain’s housing stock, its rental sector is stuck in the Victorian era. Thankfully, cutting edge payment technology can boost transparency, build trust and make instant move-ins a possibility. This is a great competitive advantage for landlords.

“Now, with institutions like Legal & General and LaSalle funding build-to-rent homes alongside thousands of highly professional private landlords, we’re seeing higher standards of service filter through the entire market.”

Martin Mignot, at Index Ventures, added: “Around $300bn is tied up in deposits globally, so freeing up just a fraction of this money would make a huge difference to millions of renters who deserve a fairer and more transparent service. But flatfair has the potential to become the ‘Paypal of property rental’ by offering a range of solutions beyond referencing and deposit management.

“There is huge potential for technology to help real estate companies manage operations and revenue in a more streamlined fashion, while offering tenants a better, fairer service. flatfair is already working with global companies like CBRE and Greystar to do this, and today’s announcement will help further expand the flatfair offering. I am very much looking forward to supporting flatfair on an exciting journey ahead.”