Fintech disruptor Futurerent, known for its innovative landlord borrowing model, is set to launch Downpayments in the US with $50 million in venture debt funding.
Futurerent, the rental income lending platform offering property investors upfront advances of up to $100,000, has successfully secured $50 million in venture debt funding for its US expansion. This move introduces the launch of its new US division, Downpayments.
The funding comes from US VC Second Century Ventures and Partners for Growth (PFG), a California-based lender with a history of backing successful Australian startups, including Koala, Prospa, and Employment Hero.
Godfrey Dinh, CEO of Futurerent, shared that Downpayments is specifically tailored to the US market, aiming to assist Americans in purchasing real estate by financing the down payment and providing buyers with agency services.
“Peoples’ personal financial lives are inseparable from their property goals, and we started Downpayments to empower investors on their journey to financial independence.”
Godfrey Dinh, CEO of Futurerent
Having already advanced over $25 million to property investors in Australia for new property purchases, Futurerent is leveraging its data-driven insights and proprietary technology to make homeownership more accessible in the US. The initial focus will be on Florida, where the company sees substantial real estate activity and potential for growth with increased access to capital.
Dave Garland, Managing Partner at Second Century Ventures, commended Futurerent’s innovative approach to real estate financing, noting that with Downpayments, they are addressing a critical issue in real estate transactions by facilitating quicker and easier access to a deposit.
Max Penel, Co-head of Fintech at Partners for Growth, expressed excitement about the ongoing partnership with Futurerent, highlighting the potential of their technology and risk approach as they expand into the US.
The US expansion aligns with the opportunity to unlock equity, as the national average loan-to-value ratio in the US has decreased, according to Max Penel. Futurerent’s strategic move to enter the US market marks an exciting new chapter for the fintech disruptor.
