Participated · Seed · Mar 2022

Spleet operates a platform that lists landlord properties and offers subscription-based rent-management services and a rent-financing product to enable flexible payment schedules. Its flagship BNPL product, Rent Now, Pay Later, offers no-collateral loans up to ₦3 million (about $6,000) at roughly 3.5% monthly interest and was beta-tested with a one-month down payment and the company financing the remaining 11 months. The company has also launched Collect, which automatically receives rent on landlords' behalf, and Verify, a tenant background-check tool. Since launch Spleet has processed over $3.5 million in rent, onboarded more than 35 individual and corporate landlords, recorded over 1,000 housed tenants and logged over 68,000 unfulfilled requests; average customer lifetime is 26 months. During Rent Now beta the nonperforming loans ratio was 1.2%. The company plans to scale its residential rent management and financing products and to test new markets early next year, and it intends to build a rent-data repository to help customers access other financial services. Spleet is a Nigerian prop-tech startup focused on building financial services solutions for landlords and tenants across Africa. The company plans features including tenant vetting, payment automation for landlords, and a rent-now-pay-later option for tenants. CEO Tola Adesanmi acknowledged Spleet’s initial housing marketplace did not address affordability and said the rent-now-pay-later product would help plug that gap. The firm’s stated mission is to make housing easier in Africa, though its current solution is targeted at the premium end of the market. The article does not disclose operating metrics such as revenue or user counts. Spleet announced a $625k pre-seed raise led by MetaProp VC.