TheGuarantors, a firm building smart financial and insurance solutions for renters and landlords, has scored $35m in growth funding.
With the completion of this raise, the firm has raised over $110m in equity and debt financing — $85 million of which was secured in the last year alone. The recent funding was provided by CIBC Innovation Banking.
Founded in 2015, The Guarantors is working to improve renting affordability and access for renters across the U.S.
The company estimates that five million households will struggle to get approved for rental housing each year based on their finances, and that renters have a collective $65bn locked away in security deposits. TheGuarantors offers a suite of tools that help renters more affordably overcome these traditional barriers and qualify for the home of their dreams.
TheGuarantors claims it has protected over $2bn in rent and deposits, nearly $1bn covered in 2022 alone.
The firm is experiencing 95% revenue growth YoY and boasts a 99% retention rate with real estate owner and operator partners.
TheGuarantors CEO Julien Bonneville said, “We’re extremely pleased to secure additional capital to power the continuing growth of our business. In the context of economic turbulence and tight capital markets, additional commitment from such a high-quality financing partner is a testament to the health and promise of our business.
“With our strong unit economics and diligent spend ethos we were already very comfortably capitalized from an equity standpoint, but this debt capital will help us build additional capabilities we will share later this year. We couldn’t be more excited for what’s ahead.”
Earlier this year, Doorstead, a property management service the protects homeowners who rent out their properties, raised $21.5m in Series B funding.
Founded in April 2019 by co-founders Ryan Waliany and Jennifer Bronzo, Doorstead provides uprfront rental guarantees and a property management service to homeowners that offers homeowners an upfront vacancy period and a guaranteed minimum monthly rent before a tenant is placed.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
