FinTech: Jetty’s New Offering Frees Up Renters’ Deposits

September 17, 2020 | FinTech, News, Real Estate
https://dailyalts.com/wp-content/uploads/2020/09/key-2114455_640.jpg

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.”

COVID-19

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

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/07/bitcoin-2668211_640.jpg
Digital Assets: Bitcoin Closes In On $40K After Amazon Rumors Spark Rally
July 26, 2021     Digital Assets, News

Bitcoin, the leading cryptocurrency, which had been in a downtrend since its April highs, and tested $30,000 on more than one occasion, surged nearly 15% after a rumor that Amazon…

https://dailyalts.com/wp-content/uploads/2021/07/rivian-r1t-7.jpg
Venture Capital: Rivian Lands $2.5B; Plans Second EV Plant Including For Batteries
July 26, 2021     Latest News, News, Venture Capital

Electric vehicle maker Rivian announced Friday (July 23, 2021) its close of a $2.5 billion funding round led by Amazon’s (NASDAQ: AMZN) Climate Pledge Fund, D1 Capital Partners, Ford Motor…

https://dailyalts.com/wp-content/uploads/2021/07/champagne-2178775_640.jpg
Liquid Alternatives: Three Reasons
July 26, 2021     Liquid Alternatives, News

Spawned after the 2008 financial crisis, liquid alternatives have disappointed investors. During the 2010s, these instruments averaged an annualized gain of 1.66%. Writing in Morningstar, columnist John Rekenthaler makes a…

https://dailyalts.com/wp-content/uploads/2021/07/Ez4eEsTWUAMC8Gz.jpg
FinTech: UK-Based PensionBee Reports Assets Under Administration Have Doubled In A Year
July 26, 2021     FinTech, News

An influx of new customers has boosted two-fold PensionBee’s assets under administration as at June 30, 2021. Further, in a landmark year, PensionBee (LON: PBEE) raised £55 million from an…