Reposit provides an alternative rental deposit product that lets tenants secure a property by purchasing a deposit equivalent to one week’s rent. Under Reposit’s scheme tenants pay one week’s rent upfront and, if they stay more than a year, an annual £30 fee; landlords are named beneficiaries on Reposit’s insurance policy and are protected for up to six weeks’ rent. The company announced a new £500,000 funding round backed by Andrew Weisz (Weisz Investments) and Michael and Simon Blakey (Avonmore Developments), bringing total capital raised to £950,000. Reposit says it will use the funding to scale its team and expand across the UK rental market. The company cited research showing 91% of tenants have paid a deposit, with 49% borrowing money to cover it, and that 61% of landlords worry deposits may be insufficient and that tenants may not be covered by insurance. CEO and co-founder Jude Greer framed the product as easing cash-flow pain for renters and freeing up an estimated £4.5 billion held in tenancy deposit schemes. Reposit provides a technology platform that lets tenants manage the deposit required to move property in the UK via a paperless process, e-signature, and online payment at signing. Tenants pay a one-week fee through their letting agent while landlords retain the assurances of a conventional deposit, with faster payouts and fewer obstacles. The service supplies six weeks' worth of cover to landlords for damages, unpaid rent, cleaning costs and other charges associated with security-deposit deductions. The platform enables agents and landlords to communicate charges to tenants, who remain liable and can settle balances instantly. Reposit is led by co-founder and CEO Curran McKay and emerged from the inaugural London cohort of the Newcastle-based Ignite Accelerator. The company recently completed a £400K funding round from a mix of investors named in the press coverage.

Total raised

$1M

Funding rounds

2

Latest round

Equity

Latest activity

Jul 2018