A startup aiming to be the Paypal of renting, making lettings easier for tenants, landlords and agents, has landed millions more in funding from top investors.
Goodlord has landed £7.2m from Silicon Valley's Ribbit Capital and existing investors: Robin Klein's LocalGlobal and Global Founders Capital, the fund founded by Rocket Internet's Samwer brothers, following on from £2m raised in May last year.
The three-year-old proptech firm makes it easier for Generation Rent by making tenancy agreement paperwork digital and handling deposits and fees online. The so-called rental passport holds on to the renters information and can be reused for their next letting with estate agents using Goodlord.
It has already processed tenancies worth £200m since launching in 2015 and says it can save agents up to 75 per cent of administration costs for lettings while reducing the moving time for renters from a week down to 48 hours.
“Generation Rent has been getting a raw deal up to now," said co-founder and chief executive Richard White.
"Not only are they priced out of buying a home, they are often having to deal with slow, shoddy service when they try to rent a place. This funding will allow us to move to the next stage in our plan to revolutionise the way that rental property lettings are done, taking away the pain for both landlords and tenants.”
The startup will use the fresh cash to hire across the business having already grown from 11 people last year to an expected 117 by this summer.
“We see huge potential for disruption in the way that rental property in the UK is transacted," said Meyer Malka, partner at Ribbit Capital, which has also backed the UK's innovative digital mortgage broker Habito and fintech startup Revolut.
"Goodlord is using technology to build transparency and ease of use for one of the most important moments in a consumer life: choosing a home to live in."