Standby Deposits, a New York-based provider of a novel credit-based payment system for rental deposits, raised $5.3M in Seed funding.
The round saw participation from Brunnur Ventures and Stodir hf.
The company intends to use the funds to accelerate growth, enhance its technology, and expand more partnerships with property management companies and landlords.
Led by CEO Egill Agustsson, Standby Deposits provides a credit-based payment system for rental deposits. Integrating into existing leasing processes, the solution requires no additional staff training or procedural changes for property managers. It offers the same protection as cash deposits while delivering a flexible and effective payment method for tenants.
Standby Deposits plans a Q2 launch, targeting millions of renters across the United States.
FinSMEs
19/04/2023