PayPal Ventures Invests in FinTech Jetty Rental

Financial services company Jetty, in an effort to improve the affordability of renting a home, has received new funding from PayPal Ventures and Experian Ventures, a press release said Wednesday (May 25).

The company has many offers to help with security deposits, flexible rent payments, and tenant insurance.

The new funding will help him launch a new program called Jetty Credit, a credit-building service to help make it easier to report rent payments to credit bureaus. This will add data to help tenants obtain credit scores.

“We believe working with the most respected names in financial services is the fastest and most efficient way to help us realize our vision,” said Mike Rudoy, ​​co-founder and CEO of Jetty. “Beyond the additional capital, this investment gives us access to a new set of tools to improve our current products and bring new solutions to market. The demand for tenant-focused financial services has never been stronger, and we remain focused on alleviating the financial hardship felt by tenants across the country. »

Rachel Zabronsky, an investor at PayPal Ventures, said the shared mission was to “democratize access to financial services”.

“We’re excited about Jetty’s ambitions to reinvent renting, making it a better and more accessible experience, from move-in to move-out,” she said, according to the statement.

See also: FinTechs and issuers mobilize to ease the rental housing crisis

The housing industry has seen rising prices lately, with FinTechs and other companies trying to address this, PYMNTS wrote.

The Census Bureau recently said the rental vacancy rate was 5.6% in the fourth quarter of 2021, according to the report. The National Association of Realtors said it was the lowest bid in about 40 years.

Rudoy reportedly said Jetty’s “rent now, pay later” option gives property managers the predictable cash flow needed and will help tenants get out of rigid payment dates “that don’t reflect the financial realities of people in tenants today.

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