Singapore fintech Rently redefines property rental with zero upfront cost
Rently, a fintech startup based in Singapore has launched with a mission to redefine the property industry. The new platform aims to revolutionise the rental market with zero upfront cost for users, removing the financial barrier of security deposits.
The business model makes rental property accessible and convenient for a wide cross-section of the community, an innovation that is currently unmatched in the Asia-Pacific region, the company states.
The founders of Rently are five experienced industry professionals; Dominic Schacher, Tarik Stafford, Siebren Kamphorst, Emeric Martin, and Turan Kutlay Kunbi. The platform aims to alleviate the financial burden on renters and ensure they are guarded against potential rental scams.
Dominic Schacher, Founder of Rently states that "our goal is to make renting property hassle-free by creating the first-ever seamless end-to-end property platform."
Setting a new bar in property management, finding a place, moving in, automatic insurance coverage, and payment of deposits and rent can all be managed in one location.
Schacher claims that the aim is "not only to simplify the process but also to enhance safety. By leveraging Singpass, we ensure that only verified users and properties are allowed onto our platform." The desired outcome is to eliminate stress for renters, providing assurances that rental transactions are legitimate.
Rental scams have increased dramatically in Singapore, with a surge of more than 400% from 192 incidents in 2021 to 979 in 2022. In response, Rently prioritises rental security, implementing strong measures to protect against scams. The platform integrates SingPass, Singapore's official national digital ID, enhancing security by ensuring user authenticity.
Siebren Kamphorst, COO & Co-Founder of Rently, underscores the company's safety-first approach by stating that "we wanted to provide a property management platform that uses technology to protect our clients with the highest level of security, making property transactions as seamless as possible."
The platform utilises rigorous verification processes for landlords, offering additional protection with reliable credit and background checks, an exhaustive tenant screening process, and verification of financial information.
Currently, in its seed stage, Rently is preparing to execute Series A funding in Q1 2024, allowing for the expansion of its operations and broaden its presence in the Singapore rental market, while also considering a reach into additional markets.
As part of this growth plan, the company is bolstered by the recent appointment of accomplished entrepreneur and investor Dieter Schlosser to its Board of Directors. Schlosser has an illustrious background in scaling high-growth and high-performance tech companies, having previously led SoftwareOne to a successful IPO on the Swiss Stock Exchange. Backed by Aument Capital Partners, Rently plans to revamp the future of property management.
