The fintech start-up aims to enable deposit-free rentals to streamline the entire property rental process
Rently, a Singapore-based startup that combines finance and property tech, has launched its services in the city-state – its first market. The company said that it is currently in the seed stage and is planning to raise a series A round in the first quarter of this year. It then aims to expand to other markets.
Founded in 2022 by Dominic Schacher, Tarik Stafford, Siebren Kamphorst, Emeric Martin, and Turan Kutlay Kunbi, Rently offers deposit-free rentals through its property management platform, allowing users to make bookings with zero upfront costs. The company, which is backed by Aument Capital Partners, explained that this is possible because it handles tenants’ rental deposits on their behalf.
The firm aims to streamline the entire property rental process, from listing and tenant acquisition to contract negotiations and support. “The platform covers everything, from searching for a place, moving in with automatic insurance coverage, to paying your deposit and rent,” said Dominic Schacher, Founder of Rently. To enhance security and prevent scams, the founder said that Rently integrates Singpass, Singapore’s national digital ID, to ensure that only verified users and properties are allowed on its platform. It also implements additional security measures in the verification process for landlords such as credit and background checks.
“Our goal is to make renting property hassle-free by creating the first-ever seamless end-to-end property platform. This platform covers everything from searching for a place, moving in with automatic insurance coverage, to paying your deposit and rent— all in one place. Our aim is not only to simplify the process but also to enhance safety. By leveraging Singpass, we ensure that only verified users and properties are allowed onto our platform. This approach helps eliminate the stress associated with handing over deposits to unknown individuals, providing assurance that the rental transaction is legitimate,” added Schacher.
Rental scams have steadily grown in number to now become an alarming concern for those looking to rent in Singapore. According to Singapore's Ministry of Home Affairs and Ministry of Social and Family Development, the rental scams facilitated by online platforms saw an increase of more than 400% from 192 cases in 2021 to 979 cases in 2022. To address this issue directly, Rently actively prioritises safeguarding the rental process, formally implementing robust measures to protect against scams. Through a seamless integration with SingPass, Singapore's official national digital ID, Rently enhances its security, ensuring the authenticity of users on its platform.
The property management company employs a stringent verification process for landlords, offering an additional layer of protection against potential scams through reliable credit and background checks, diligent verification of financial information, and thorough tenant screening. By prioritising trust and transparency, Rently's aim is to set a new standard for secure and reliable property transactions in the Singaporean rental market.
Setting out with the aim of reshaping the way tenancy agreements and landlord-tenant disputes are handled, we wanted to provide a property management platform that uses technology to protect our clients with the highest level of security, making property transactions as seamless as possible. - Siebren Kamphorst, COO and Co-Founder
Backed by Aument Capital Partners, a multi-family office that caters specifically to the needs of serial entrepreneurs, Rently is currently in the seed stage and will execute a Series A funding in Q1 2024 to scale its operations, grow its footprint in the Singaporean rental market, and expand to other geographies. As part of its push for greater strategic leadership, the company proudly announces the appointment of experienced entrepreneur and investor Dieter Schlosser to its Board of Directors in January 2024. Dieter previously held the position of CEO of SoftwareOne, building it to a billion CHF global software company and leading the company's IPO on the Swiss Stock exchange. Through his investment vehicles 5I Ventures and Rozario Capital Management, he is currently working towards scaling out several high-growth and high-performance tech companies.