FinTech: Jetty’s New Offering Frees Up Renters’ Deposits
U.S. fintech Jetty launches its “Unlock Deposit” offering, enhancing liquidity for renters.
Jetty, which describes itself as a modern security deposit alternative, has expanded its services for renters. Its newly launched Unlock Deposit offering frees up renters’ cash deposits in exchange for a small one time or monthly fee. (Jetty)
The fintech’s previous Deposit product was only available at the time of move-in. However, the new product allows renters to take back their deposits during their tenancy. Jetty steps into their shoes, covering the property for the full deposit amount.
“With Unlock, residents at Jetty Partner properties will have the ability to “unlock” the cash deposits they paid at lease signing in exchange for a Jetty policy,” says the company’s website. “These policies are the same as the deposit alternative residents can purchase at move-in, and offer the same coverage to the property.”
According to Jetty, more than 20 million renters now live in households that have suffered pandemic -related job losses. These conditions create economic difficulties, as well as the risk of eviction in the next few months.
Most renters probably have a few hundred, or thousand, dollars locked away in security deposits that remain out of reach until they vacate the property.
Using Unlock Deposit, these renters can free up the cash to use for rent payments and other living expenses until such time as they find alternative employment.
Even property-owners are suffering from the pandemic. Fewer people are looking to move, and owners would like to improve retention rates for their properties. The Unlock Deposit scheme helps out renters with their finances, boosting their ability (and inclination) to stay.
“Renters across the country are facing unprecedented challenges when it comes to liquidity,” said Mike Rudoy, CEO and Co-Founder of Jetty in a statement. “Unlock Deposit can help further address this liquidity crunch, while simultaneously enabling Jetty Partners to increase retention and reduce the potential of bad debt.”
Related Story: PayPal Introduces “Pay in 4”, An Interest-Free BNPL Offering
Latest Alternative Investment News
The Brunel Pension Partnership has picked Ownership Capital, RBC Global Asset Management, and Nordea Asset Management to manage its new Sustainable Equities Fund of around £1.2 billion ($1.55 billion). Brunel…
CrowdProperty, a leading crowdfunder/lender to the U.K. SME property sector, has lent over £100 million to development professionals. The funding had a beneficial impact on the UK economy because it…
Ripple Labs, the San Francisco-based technology company that facilitates cross-border payments through the use of its blockchain solutions via RippleNet, will invest an undisclosed amount in Money Tap. Money Tap…
Earlier this year, Apple (NASDAQ: AAPL) acquired Vilynx, a Barcelona-based startup that uses AI and computer vision technology to analyze a video’s visual, audio, and text elements. Reportedly, the iPhone…