Founder: Alex Siedes
Business: A service promoting financial inclusion in the rental space.
Homeppl was founded in December 2016 with the aim to create financial inclusion in the rental space. They do this by giving tenants the opportunity to rent on fair terms – not just using outdated credit checks – while keeping agencies safe from fraud or defaults.
They leverage Open Banking, their unique fraud detection and behavioural analysis in every single tenant check to validate a person’s identity and financial abilities, whoever and wherever they are in the world. This means they have a 96% approval rate of applicants – 25% higher than industry average. Basically, their overall aim is to let landlords and agencies rent to any tenant while ensuring rent is paid.
The biggest challenge they’ve faced is getting enterprises to trust them – as a start-up with a small team – with their transactions. This is serious data, including exposure to risk and claims. These companies tend to be conservative so attracting them and building trust was the hardest aspect. They overcame this by showing the tenant referencing system is broken and there’s another way to complete tenant checks. To do this their tech and team played a massive role. They showcased technology in such a way to really show its strengths and benefits to clients.
Now they work with the likes of JLL, Knight Frank, Carter Jonas and Chestertons.
Kelly Fraser, Associate at Knight Frank explains what they do for clients: “We’ve been most impressed with Homeppl’s ability to identify fraudsters. They have done this on numerous occasions and saved us thousands of pounds, while protecting our reputation with our landlords.”
So far they’ve raised £2.5 million in seed funding and we’re really excited about this coming year! They plan to grow the team from 40 people to 130, add more products such as tenant insurance and data insight reporting, while expanding into other regions.
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