Reposit, a London, UK-based tenancy deposit startup, raised £400k in funding.
Backers included Seecamp, the London Co-Investment Fund, Paul Rayden, and other angel investors.
Led by Curran McKay, Co-Founder and CEO, Reposit provides a technology platform for tenants to affordably manage the deposit needed to move property in the UK. The company offers a paperless alternative to the tenancy deposit system with tenants paying a 1 week fee through their letting agent (using e-signature and online payment at the time of signing their agreement) and landlords getting all the assurances of a conventional deposit, with faster payouts and less obstacles.
The company’s service provides six weeks worth of cover to the landlord for damages, unpaid rent, cleaning costs and any other charges associated with deductions from a security deposit. The platform also allows agents and landlords to communicate any charges to tenants, who remain liable for damages caused, allowing them to settle the balance instantly.
The company emerged from the inaugural London cohort of the Newcastle based Ignite Accelerator.