TheGuarantors, a FinTech company building smart financial and insurance solutions for renters and landlords, has raised $50m in Series C equity funding.
The round was led by Portage Ventures, with participation from Kensington Capital Partners, Arch Capital Group Ltd., and Roosh Ventures, as well as earlier investors including Alven.
Launched in 2015, TheGuarantors said it is working to improve renting affordability and accessibility for millions of American households. The company said 46 million American households renting their homes have a collective $65bn locked away in security deposits. Additionally, the FinTech estimates that five million households will struggle to get approved for a new rental unit this year based on their finances.
TheGuarantors offers two flagship products, Lease Guarantee, which is a tech-enabled tenant default protection product allowing renters to qualify for the unit they want, and
Security Deposit Replacement, which acts as a direct and highly affordable substitute to a cash security deposit.
Julien Bonneville, CEO of TheGuarantors, said, “I founded TheGuarantors to address the fundamental human need for housing. We have enabled renters across the country to move into the apartment of their dreams, we’ve used machine learning to fairly assess the true risk of those with low or no credit score, and we’ve allowed cash strapped renters to have more money on hand when moving in.”
TheGuarantors also recently formed its own licensed insurance company, making it the first venture backed company in its category to insure its own risk.
TheGuarantors said the capital will allow it to expand its product offerings and team.
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