Investment led by Route 66 Ventures, MetaProp and NextGen Venture Partners will fuel landlord and renter partnerships, helping renters stay in their homes amid the mounting eviction crisis
WASHINGTON--(BUSINESS WIRE)--Till, a fintech platform that helps renters pay and stay in their homes, today announced that it has closed an $8-million seed funding round led by Route 66 Ventures, MetaProp and NextGen Venture Partners.
Till’s Flexible Rent platform sets renters up for success by creating a customized payment schedule that aligns with their individual cash flow, helping them to become consistent, on-time payers. The analytics-driven platform, which was introduced in April 2020, is expected to cut evictions by as much as 50 percent, helping renters avoid punitive late fees that damage their long-term financial health. Because of the acute issue that Flexible Rent can solve, the platform has already been rolled out to 170 properties comprising 30,000 units in 14 states, and has been adopted by up to 30% of renters at some of these properties.
“Every year, millions of renters and families are evicted from their homes, due in part to rent servicing strategies that have failed to evolve to the ways people earn and spend money in the 21st century. As the COVID-19 pandemic continues to spread across the country, mass unemployment and other economic fallout is threatening to push those numbers even higher,” said Till Founder and CEO David Sullivan. “At Till, our mission is to enable renters to thrive in their homes by radically transforming rent into a positive and personalized financial experience. We partner with institutional landlords to help them bridge the often challenging landlord-renter relationship. With the backing of Route 66 Ventures and other investors, we are now in prime position to expand our platform and fully reimagine the way Americans rent their housing.”
Proceeds from the fundraise will be used to continue the growth of the platform and fuel adoption by landlords and renters across the country.
“Since we first learned about Till, we have been extremely impressed by its ability to bridge the gap between the increasingly volatile income and expense patterns of renters and the more rigid financial realities of landlords,” said Zak Schwarzman, General Partner at MetaProp. “As the uncertainty wrought by the COVID-19 pandemic and related economic fallout continues with no clear end in sight, it’s more important than ever that landlords find new, mutually beneficial, ways to work with renters to reduce late fees, minimize evictions and foster renters’ long-term financial health. Till provides a perfect solution that helps solve these challenges for both sides of the market, and we are proud to back them as they enter the next phase of their growth.”
The company has formed partnerships with numerous leading real estate owners and property management companies, including First Communities, TM Associates, Redwood Capital Group, ACRE, and Landmark Property Services.
“Till has completely altered the way we approach rent collection, but more importantly, it has improved our fundamental relationship with our residents,” said Les Menkes, managing partner of ACRE. “By taking a more personalized approach with each of our units, we’ve been able to significantly reduce turnover at our buildings and get a more comprehensive, accurate view of our revenue stream. We’ve also been able to avoid imposing penalties on our renters, putting them in better financial health and ensuring better long-term stability to our business.”
Till is headquartered in Washington, DC.
Till is the nation’s leading provider of Flexible Rent, a product that transforms the renters’ housing experience with personalized solutions. Its proprietary platform provides a detailed analysis of renter cash flow and expenses to break payments into smaller, more manageable increments throughout the course of the month. For landlords, Till provides the ability to provide personalized payment services for their renters, along with advanced property analytics to guide their asset management strategy."
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