Futurerent, a rental income fintech founded by former Deutsche Bank Australia Vice President, Godfrey Dinh, has raised $9 million in a funding round led by OIF Ventures, with participation from BridgeLane, Mulpha International, iPartners, MFO Investments and Second Century Ventures. The funds will be used to expand the company’s national presence, launch new products, and build further integrations.
Futurerent offers property investors up to $100,000 in advance rental income within two business days. The service has been popular, with landlords applying for more than $2 million in advanced rent monthly. In the last financial year, the company’s book size grew by 10x, while the total rent advanced to property investors increased by 11x. Futurerent did not disclose the total size of its lending.
The company takes a 6% fee from the rental advance to landlords. Dinh said that many of Futurerent’s customers have the savings to meet their needs but prefer the company’s option to avoid the complexities of dealing with banks.
OIF Ventures partner Jerry Stesel said that Futurerent has created a new financing category by providing simple and affordable access to capital, which is the biggest barrier preventing property investors from creating wealth. The company’s momentum is expected to continue to grow, and Stesel believes that Dinh’s vision for reimagining how property investors create wealth will take Futurerent to significant heights.