By Aisling Finn on Thursday 25 February 2021
Fronted is now the second company to be powered by Yobota’s core banking platform.
Fronted aims to help renters afford deposits when signing new tenancy agreements by offering a fixed term 12.5 per cent loan to cover the deposit, with users able to spread the cost over 12 months.
“The flexibility offered by Yobota’s architecture enabled us to create an innovative and tech-driven solution to a long-standing problem in the UK rental market. By utilising Yobota’s APIs, we were able to build a customised user experience that reduces the time and complexity involved in applying for a rent deposit.”
Ammar Akhtar, CEO of Yobota, added: “It is great to see Fronted launch to market – they are addressing a major societal issue, by helping renters get easier access to homes, with the potential of building their credit scores at the same time.”
“The launch of Fronted is an important step for Yobota, too. We've demonstrated that our APIs can be used to build a wide variety of customer experiences while putting our clients in the driving seat.”
The rental deposit fintech relaunched last week after it spent most of last year in hibernation with its employees furloughed because of the property market coming to a grinding halt in light of the Covid-19 lockdown.
Despite its activities being paused, co-founders ex-Bud employee Jamie Campbell, ex-Monzo employee Simon Vans-Colina, and ex-Apple staffer Anthony Mann raised seed funding in August from Passion Capital, Truesight and the government’s Future Fund.