A financial technology startup that aims to help apartment tenants has claimed $ 8 million in seed capital from donors.
Called ToThe fintech platform received funding from Route 66 Ventures, MetaProp, and NextGen Venture Partners. Till said it will use the money to continue its growth and attract new landlords and tenants as users.
The company's Flexible Rent platform allows tenants to create a custom payment plan that is better tailored to their unique cash flow situations. The aim is to "help them become consistent and timely payers" and avoid late fees.
Make more tenants Partial paymentsand such technologies could make it easier for property managers to manage unusual payment arrangements.
“Millions of renters and families are being evicted from their homes each year, in part due to rental service strategies that haven't evolved into the way people make and spend money in the 21st century. As the COVID-19 pandemic continues to spread across the country, there is a threat of mass unemployment and other economic repercussions to increase these numbers even further, "said Till founder and CEO David Sullivan in prepared remarks.
Headquartered in Washington, DC, the service is available in 170 properties in 14 US states with 30,000 units. Till has partnerships with property owners and property management companies including First Communities, TM Associates, Redwood Capital Group, ACRE and Landmark Property Services.
"Till has completely changed the way we deal with rent collection, but more importantly, it has improved our basic relationship with our residents," said Les Menkes, managing partner of ACRE.
“By taking a more individualized approach to each of our units, we have been able to significantly reduce sales in our buildings and have a more complete and accurate view of our revenue streams. We have also been able to avoid penalizing our tenants, improving them financially and ensuring better long-term stability of our business. "