TheGuarantors, a New York-based fintech company building smart financial and insurance solutions for renters and landlords, raised $50M in Series C funding.
The round was led by Portage Ventures, with participation from Kensington Capital Partners, Arch Capital Group, Roosh Ventures, and Alven.
The company intends to use the funds to expand its product offerings and team across product, sales and marketing functions.
Led by CEO Julien Bonneville, TheGuarantors is a fintech company that, through its platform and partnerships with multiple A-rated carrier partners, offers renters and landlords a suite of financial tools.
The company offers two flagship products:
- Lease Guarantee, which is a tech-enabled tenant default protection product allowing renters to qualify for the unit they want, and;
- Security Deposit Replacement, which acts as a direct and highly affordable substitute to a cash security deposit.
In both cases, the renter pays a small upfront or monthly fee and TheGuarantors insures the landlord for lost rent and/or damages.
To date, the company has partnered with landlords representing approximately three million units nationwide and has $1.5 billion in rent protected and deposits guaranteed.