Homeppl raises £1.5m in a seed follow on round led by Ascension Ventures to expand operations.
The funding round was led by Ascension Ventures and will support team growth across research and development, operations, and sales.
Homeppl operates a tenant referencing platform that assesses financial risk and detects fraud in the rental market. The company combines open banking with behavioural analysis to evaluate prospective tenants.
London based tenant referencing platform Homeppl has secured £1.5m in a seed follow on funding round led by Ascension Ventures. The capital will be directed towards expanding staff numbers across research and development, operations, and sales functions to support ongoing business growth. Additional backing came from Fair By Design, JLR Star, and Barclays Techstars.
The company uses open banking and fraud detection methods to evaluate tenant affordability, aiming to reduce defaults and improve financial inclusion for groups such as the self employed and international students. Existing clients include Knight Frank and Countrywide Group.
From the founder
"The rental market has used old credit check methods to assess whether a tenant can afford to pay. We need to stop imposing an unfair “tenant tax” on consumers and stop giving landlords false confidence – it’s time the market used a solution that’s fair for both sides and prioritises giving an accurate assessment. The pandemic is compounding this problem and has reinforced the need for a robust due diligence tool."
Alexander Siedes
co-founder at Homeppl
Investor perspective
"We saw immediate strength in how Homeppl seeks to bridge the gap between Proptech and Fintech. Homeppl encourages financial inclusion in the space where all tenants can get fair and equal access to the rental market based on their true creditworthiness and transactional ability. We see Homeppl solving shortcomings faced by those from disadvantaged financial backgrounds, creating a frictionless international economy"
Emma Steele
Investment Director, Ascension Ventures
Use of funds
- 01Fund research and development
- 02Scale operations
- 03Invest in sales and marketing