Rently, a Singapore based fintech startup with a mission to redefine the property industry, has officially announced its launch in Singapore.

Rently said in a statement on Tuesday that the firm is currently in the seed stage and will execute a Series A funding in the first quarter of 2024 to scale its operations, grow its footprint in the Singaporean rental market, and expand to other geographies.

According to the statement, 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 said it not only reduces financial barriers for tenants but also streamlines the rental process, making it more accessible and convenient to the wider community, the first of its kind in Asia Pacific.

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

Blending finance and property tech, Rently said it transforms property management in Singapore by making renting simpler and faster, using 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 said it not only simplifies the complexities of property management but also sets a new standard for speed, convenience, and efficiency in the dynamic landscape of the Singaporean rental market.

“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,” said Dominic Schacher, Founder of Rently.

According to him, the firm’s 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,” he added.

According to the statement, rental scams have steadily grown in number to now become an alarming concern for those looking to rent in Singapore.

Cited Singapore’s Ministry of Home Affairs and Ministry of Social and Family Development, home rental scams facilitated by online platforms seeing an increase of more than 400 percent from 192 cases in 2021 to 979 cases in 2022.

To address this issue directly, Rently said it actively prioritizes 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 said it enhances its security, ensuring the authenticity of users on its platform.

It is noted that the property management company employs 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.

By prioritizing trust and transparency, Rently’s aim is to set a new standard for secure and reliable property transactions in the Singaporean rental market.

“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,” said Siebren Kamphorst, Chief Operating Officer and Co-Founder of Rently.

Founded in 2022, Rently is a Singapore based fintech startup in the property space that provides deposit-free rental solutions through their proprietary Rently Care subscription and property management services via the Rently app’s inventory feature.

The firm allows the flexibility of listing any property types and aims to connect potential tenants with landlords, agents and enterprises in a secure and effective way.

It also ensures that the process of renting a property is transparent, safe, and efficient. Rently is also a subsidiary of REFIN Group Limited.

Rently is backed by Aument Capital Partners, a multi-family office that caters specifically to the needs of serial entrepreneurs.

As part of its push for greater strategic leadership, the company announced the appointment of experienced entrepreneur and investor Dieter Schlosser to its Board of Directors in January 2024.

Schlosser previously held the position of Chief Executive Officer of SoftwareOne, building it to a billion CHF global software company and leading the company’s initial public offering (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.

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