Fronted launches new competition to help renters afford their deposit

It’s a well-known fact that rental prices are through the roof, and continuing to climb. So, Fronted has launched a new competition to help its customers move house.

According to the rental fintech, rent prices are up eight per cent in 2021, meaning that a new deposit is roughly £100 more expensive this year.

Fronted was founded in December 2019 and is on a mission to help renters by offering credit to spread the cost of apartment deposits which can often cost as much as several months’ rent.

The proptech has launched Fronted Friday, a new initiative giving away a free deposit to a random person on the last Friday of every month—with Fronted hoping to #ditchthedouble.

All prospective winners have to do is follow Fronted on Twitter and Instagram and share the monthly post from Fronted, with the newly-coined hashtag.

To ensure fraudsters don’t hijack the competition, Fronted will pay the rent directly to an estate agent and only renters in England and Wales are eligible to enter. 

Entrants also have to agree to move within the next 12 months or their winnings will be withdrawn.

The campaign garnered a buzz of attention on Friday, with the likes of VibePay founder and CEO Luke Massie

Earlier this year, Fronted bagged a £1m funding boost from a host of backers—many of whom are ex-Monzo employees.

The fundraise came just a few months after the proptech officially relaunched following a Covid-19-related hibernation.