Fronted, which enables renters to pay their rental deposit in monthly chunks rather than one lump sum, has reportedly bagged £1m in funding.
The round was backed by a number of ex-Monzo Bank employees, including former co-CEO Paul Rippon, former CFO Gary Dolman and former chairperson Baroness Kingsmill, according to a report from AltFi. Other backers included Slush co-founder Ville Vesterinen and Grip co-founder Ling Lin.
With the burst of funds, the company hopes to increase the access to its services, partner with complimentary platforms and more.
Fronted aims to help renters by offering them an alternative to upfront deposits. When applying for a new property, Fronted will pay the deposit, allowing the tenant to pay Fronted back month by month. There is a interest fee attached to the repayments.
Fronted co-founder Jamie Campbell told AltFi, “We are delighted to get the backing of over 20 remarkable investors, to grow the business. This investment is the result of a year of huge effort from the whole team.â€
As part of the deal, Dolman has joined the company’s advisory board.
With the close of the round, the company has raised a total of £2m in funding.
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