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Homeppl: UK-based tech startup that make rentals easy for everyone gets £1.5M funding

Homeppl

Every year, millions of people move home around the world. The existing rental validations, including credit checks and low-tech referencing checks, are daunting and difficult. Based out of London, Homeppl makes rentals easy for everyone, with less bureaucracy, more automation, and customer support. 

Raised £1.5M funding

Recently, the UK company has raised $2 million (approx £1.5 million) in funding from Ascension Ventures, Fair By Design, and JLR Star. The proceedings will be used to support its increasing growth with more staff in R&D, operations, and sales. 

The company leverages Open Banking, proprietary behavioral analysis, and fraud detection tests to assess the financial situation of the potential tenants and their ability to afford rent. 

With COVID-19 putting pressure on personal finances there is an increased risk of defaults and frauds, confidence is now a key concern for many agents and landlords, claims the company.

Ensures no good tenant is rejected 

Homeppl will help the 5 million tenants ( self-employed, international students, and expats) who are currently rejected by the system would be able to pass checks. On the other hand, the company also boosts the security of landlords and tenants by ensuring no good tenant is rejected and catching 1.5% of fraudulent applications. 

Compared to the archaic credit check services, Homeppl’s service approves 95% of tenants. Trusted by some big names including Knight Frank and the Countrywide Group, the UK company has approved more than £1 billion of revenue to its clients, allowing them to transact with more good tenants, and keep their assets and clients safe from defaults or fraud.

No compromise on security

According to the company, its approval rate gives a 25% approval rate increase for agents and landlords, without compromising security. Homeppl was founded by Alexander Siedes, who drew on his experience working in military intelligence in Israel to develop the platform and experienced the unfair reality of the market firsthand when moving to the UK for his BSc and MSc. 

Alexander Siedes, the Homeppl co-founder, said: “The rental market has used old credit check methods to assess whether a tenant can afford to pay. We need to stop imposing an unfair “tenant tax” on consumers and stop giving landlords false confidence – it’s time the market used a solution that’s fair for both sides and prioritises giving an accurate assessment. The pandemic is compounding this problem and has reinforced the need for a robust due diligence tool.” 

Emma Steele, Investment Director, Ascension Ventures and Ascension Fair By Design Fund: “We saw immediate strength in how Homeppl seeks to bridge the gap between Proptech and Fintech. Homeppl encourages financial inclusion in the space where all tenants can get fair and equal access to the rental market based on their true creditworthiness and transactional ability. We see Homeppl solving shortcomings faced by those from disadvantaged financial backgrounds, creating a frictionless international economy” 

Russell Markou, Quintaini (formerly Tipi) Head of Operations: “Homeppl is a great safety net. Fraudsters are getting smarter and more sophisticated by the day so it’s vital our partners can adapt fast to reduce our exposure. We’ve had some poor experiences in the past but the potential pain Homeppl prevents through their diligent process makes a positive difference…”