Fronted (re)launches to help renters access deposit funding

By Oliver Smith on Tuesday 16 February 2021

Alternative Lending

After spending 2020 on ice with staff furloughed, team Fronted is back on track.

Fronted (re)launches to help renters access deposit funding
Image source: Simon Vans-Colina/Anthony Mann/Jamie Campbell/Fronted.

Rental deposit fintech Fronted is launching today after the company spent much of last year in hibernation with its employees furloughed.

As a reminder, Fronted’s aim is to help renters afford the deposits which are requested when they sign a new tenancy agreement, deposits which can often reach into the thousands of pounds.

Fronted does this by offering a fixed 12.5 per cent loan to cover the deposit, with renters able to spread the cost over as many as 12 months.

“We are getting 1,000 applications a month coming through the site; much more than we thought we would get at this stage,” said Jamie Campbell, Fronted’s CEO.

“We have launched ahead of schedule to help renters move without needing to save up five weeks' rent for their deposit - so they can take advantage of the deals that are out there.”

As Fronted also charges no early repayment fee, Campbell says it’s also aimed at renters looking to bridge the payment gap between tenancies, when a new deposit may be requested before an existing deposit has been released.

Fronted formed back in December 2019, the brainchild of ex-Bud employee Campbell, ex-Monzo employee Simon Vans-Colina, and ex-Apple staffer Anthony Mann.

Not everything went according to plan as the UK property market was shut down for four months last March as the world went into lockdown.

While the company was forced to furlough employees the co-founders worked diligently to raise seed funding in August from Passion Capital, Truesight and the government’s Future Fund.

By October Fronted had brought its team back from furlough, and has now gained full authorisation from the FCA to start trading, hence its launch today.

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