A fintech founded by a senior Deutsche Bank exec just raised $9 million for landlords to get paid in advance

Rental income fintech Futurerent has raised $9 million as it looks to roll out nationally.

The round was led by OIF Ventures, with BridgeLane, Mulpha International, iPartners, MFO Investments and Second Century Ventures. The funds are earmarked to expand the startup’s national presence, launch new products and build further integrations.

Futurerent gives property investors up to $100,000 towards rental income in advance, within two business days.

The option has been popular, with landlords applying for more than $2 million in advanced rent monthly. The fintech said its book size has grown 10x in the last financial year, while the total rent advanced to property investors increased by 11x. The business did not reveal the total size of its lending.

Former Deutsche Bank Australia Vice President, Godfrey Dinh founded Futurerent  in 2019.

“We’re empowering property investors with a simpler way to cash-out and access the money they need to grow their wealth,” he said.

“We’ve asked investors what they would rather – $500 a week, or $52,000 in advance? For most property investors, getting up to 2 years’ rent in advance is a no brainer. Our clients are turning their rental income into investment capital so they can do more with their rent.”

The business takes a 6% clip of its rental advance to landlords.

Dinh said “a significant portion” of its customers have the savings to meet their needs, but prefer his company’s option.

“They also want to avoid the complexities of dealing with the banks. The banks are good at helping owner occupiers with their home loans, but Futurerent provides a much better experience for property investors,” he said.

“Since we began, Futurerent has incurred zero losses and has zero non-performing-transactions. This is because we’re helping financially responsible property investors grow their wealth, by doing more with their rental income.”

OIF Ventures partner Jerry Stesel said Futurerent has created a new financing category.

”Futurerent has identified that simple and affordable access to capital is the biggest barrier preventing property investors from creating wealth, and they have developed a groundbreaking solution,” he said.

“We believe that the company’s momentum will continue to grow, and that Godfrey’s vision for reimagining how property investors create wealth will take Futurerent to significant heights.”