Singapore: FinTech startup Rently announces launch, vows to reduce financial barriers for tenants

Singapore-based FinTech startup Rently has officially announced its launch in the country. The company is working on a mission to redefine the property industry, easing the suffering faced by renters.

Currently in the seed stage and planning Series A funding in Q1 2024, Rently’s key innovation lies in the convenience of its deposit-free rental, allowing users to rent a home with zero upfront cost, removing the financial burden of security deposits.

By handling a tenant’s rental deposits on their behalf, Rently will not only reduce financial barriers for tenants, but also streamline the rental process, making it more accessible and convenient to the wider community. As per the company, this facility is the first of its kind in Asia Pacific.

Founded by five seasoned industry professionals; Dominic Schacher, Founder, Tarik Stafford, CPO, Siebren Kamphorst, COO, Emeric Martin, Head of Design, and Turan Kutlay Kunbi, CTO, Rently is envisioned as a platform that helps alleviate the financial burden of renters as well as safeguard users against potential rental scams.

Transforming the future of property management with a one stop platform

Blending finance and property tech, Rently aims to transform property management in Singapore by making renting simpler and faster.

For this, it’ll use technology to streamline everything, from listing and tenant acquisition to contract negotiations and support. By consolidating these critical elements into a single, user-friendly platform, Rently will be simplifying the complexities of property management. Along with it, it’ll also set a new standard for speed, convenience, and efficiency in the dynamic landscape of the Singaporean rental market.

Explaining his vision, Dominic Schacher, Founder, Rently, said, “Our goal is to make renting property hassle-free by creating the first-ever seamless end-to-end property platform. This platform covers everything from searching for a place, moving in with automatic insurance coverage, to paying your deposit and rent—all in one place.”

Our aim is not only to simplify the process, but also to enhance safety. By leveraging Singpass, we ensure that only verified users and properties are allowed onto our platform. This approach helps eliminate the stress associated with handing over deposits to unknown individuals, providing assurance that the rental transaction is legitimate.

Dominic Schacher, Founder, Rently

Guarding against rental scams

Rental scams have steadily grown in number in Singapore and are now becoming a matter of serious concern for those looking to rent in the country.

Facilitated by online platforms, rental scams have grown more than 400%, from 192 cases in 2021 to 979 cases in 2022, according to Singapore’s Ministry of Home Affairs and Ministry of Social and Family Development

To address this issue directly, Rently will actively prioritise safeguarding the rental process, formally implementing robust measures to protect against scams.

Through a seamless integration with SingPass, Singapore’s official national digital ID, Rently will enhance its security, ensuring the authenticity of users on its platform.

Rently stated that it’ll employ a stringent verification process for landlords, offering an additional layer of protection against potential scams through reliable credit and background checks, diligent verification of financial information, and thorough tenant screening.

Explaining the company’s approach to safety, Siebren Kamphorst, COO & Co-Founder of Rently, said, “Setting out with the aim of reshaping the way tenancy agreements and landlord-tenant disputes are handled, we wanted to provide a property management platform that uses technology to protect our clients with the highest level of security, making property transactions as seamless as possible.”

Taking Rently to greater heights

Rently is backed by Aument Capital Partners, a multi-family office that caters specifically to the needs of serial entrepreneurs. To bolster its profile and strategic leadership, the company has appointed experienced entrepreneur and investor Dieter Schlosser to its Board of Directors in January 2024.

Dieter previously held the position of CEO of SoftwareOne, building it to a billion CHF global software company and leading the company’s IPO on the Swiss Stock exchange.

Through his investment vehicles 5I Ventures and Rozario Capital Management, he is currently working towards scaling out several high-growth and high-performance Tech Companies.