InsurTech startup InsureStreet has raised £512,000 in Angel funding.

The London-based firm was backed by various investors including serial entrepreneur Vin Murria, Charles Burgess, Christopher Raymond McKee, Nick Martin and Catherine Hardiman.

The startup is regulated by the FCA and seeks to make it easier for ‘generation rent’ to gain access to ‘affordable and alternative’ deposits.

Tahir Farooqui, founder and CEO of InsureStreet, said: “We believe change comes from within, especially in an industry that has been blighted with mistrust …  Our goal is to make it easier for good tenants to find nice places to live – especially in large cities where rent is inflated beyond their means.”

Farooqui went on to note the benefits are twofold, noting how landlords using the app would be able to access trusted renter profiles. InsureStreet’s app is powered by companies including Hiscox and Experian.

Martin McBrearty, head of underwriting partnerships at HISCOX, highlighted that the startup’s launch represented an exciting development for the rental market.

“Its RentPassport™ will connect tenants with agents or landlords digitally, making the whole rental experience more trusted and flexible. We’re really pleased to be involved,” he added.

InsureStreet was also selected to join this year’s Accenture’s FinTech Innovation Lab.

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