Following on from a year of rapid growth for the business, Futurerent has revealed its successful completion of a new funding round.
Money raised by the Futurerent funding round will reportedly be put towards expanding the business’ national presence, launching new products and building out further integrations.
According to Futurerent founder and chief executive Godfrey Dinh, the business is all about “empowering property investors with a simpler way to cash-out and access the money they need to grow their wealth”.
Mr Dinh, who previously held the role of vice-president at Deutsche Bank Australia, first established Futurerent in 2019 with the aim of aiding investors to “avoid the complexities of dealing with the banks”.
“The banks are good at helping owner occupiers with their home loans, but Futurerent provides a much better experience for property investors,” he indicated.
The fintech gives property investors up to $100,00 of rent in advance, within two business days.
According to Mr Dinh, Futurerent has “asked investors what they would rather — $500 a week, or $52,000 in advance? For most property investors, getting up to two years’ rent in advance is a no brainer”.
“Our clients are turning their rental income into investment capital so they can do more with their rent,” he said.
It’s a service that’s gaining traction with investors, with the fintech reporting that property investors on the platform are now applying for a total of more than $2 million per month in advanced rent.
Over the past financial year, Futurerent said its book size had grown tenfold — and increased the total rent advanced to property investors by elevenfold.
“Since we began, Futurerent has incurred zero losses and has zero non-performing transactions,” the CEO revealed.
The latest funding round was led by Australian venture capital firm OIF Ventures, with other investors including BridgeLane, Mulpha International, iPartners, MFO Investments, and Second Century Ventures.
ABOUT THE AUTHOR
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.