UK government deploys £2m into three LendTech startups

The UK government has deployed a total of £2m to a trio of LendTech startups as part of its Rent Recognition Challenge.

CreditLadder, Bud, and RentalStep were the winners of this program and were each rewarded with a share of the £2m prize fund.

The challenge, which is styled like the UK TV show Dragons’ Den, tasked the entrepreneurs to build a simple solution which lets renters record and share their rent payment data, to help improve their credit score.

Founded in 2017, the Rent Recognition Challenge supplied an initial grant to six businesses in order to support the evolve the idea into a workable solution. A panel of judges then selected three of the companies as the winners.

John Glen, economic secretary to the treasury said, “Monthly rent is often the biggest expense that people face. Yet most lenders are unable to take it into account when working up a credit score. Three pioneering start-ups have found a solution, and we’re giving them the investment and support they need to help millions of renters across the country achieve their dream of owning a home.”

Bud is creating an AI-driven rental recognition tool which will integrate with banks mobile apps to give customer access to their rental history.

CreditLadder empowers tenants to report their rent payments. The platform will verify the rent payments and in-turn will build up the credit score of the renter, helping them to access better rates.

RentalStep provides users with a ‘TennantPassort’ which is a verified account of their entire rental history. The report can be shared with any landlord or agent and can be used to get better rates on rent and loans.

Innovate Finance CEO and one of the challenge’s judges Charlotte Crosswell said, “The FinTech sector has proven it can provide credible, innovative solutions and we are delighted that government has recognised that Fintech companies have a significant role to play in this market.”

Copyright © 2018 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.