Flatfair raises more than £9M to optimize renting process

Startup FlatFair claims it knows what to do about expensive rental deposits

Renting a property is extremely stressful, from trying to find a suitable place that you can afford which isn’t hours away from your office, to getting the funds together for a deposit.

The average deposit in England and Wales is around £1,041 but in our dear city it can reach up to £1,750, according to the Tenancy Deposit scheme – cash not everyone has at their disposal.

Luckily, a proptech start-up wants to do away with this problem. Flatfair, launched in 2017, requires renters to secure a flat using only their debit card, the way you would in a hotel. The company has just raised £9.1 million ($11 million) from the likes of Index Ventures, which has invested in start-ups like Citymapper and Deliveroo, to ensure renters get a fairer deal when trying to find a place to live. The funding is going towards expanding the team as well as the development of new features on the platform.

Speaking about the raise, Co-Founder and CEO of Flatfair, 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.”

Flatfair’s payments system is only available through agents or landlords that accept it so bear that in mind before you think your days of scrapping a hefty deposit together are over. Whilst the start-up is already working with real estate companies including Greystar, CBRE and Places for People, that obviously doesn’t cover the whole of the UK. 

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