Rently, a Singaporean fintech and property rental app, officially announced its launch in the country. Rently recently integrated with Singapore’s national digital ID, SingPass, to verify identity on its end-to-end platform.
Rental scams in Singapore have increased rapidly in recent years. From 2021 to 2022, there was over a 400 percent increase in rental scams, according to Singapore’s Ministry of Home Affairs and Ministry of Social and Family Development.
“By leveraging Singpass, we ensure that only verified users and properties are allowed onto our platform. This approach helps eliminate the stress associated with handing over deposits to unknown individuals, providing assurance that the rental transaction is legitimate,” said Rently founder Dominic Schacher.
Landlords who use the app must go through a verification process that includes credit and background checks, the finance verification, and tenant screening.
With Rently, users can rent a home with zero upfront costs. The app handles tenants’ rental deposits on their behalf. Property listing, tenant acquisition, and contract negotiation can all be done through the app, which is available on Android and iOS.
Currently in the seed stage, the company is planning Series A funding in Q1 2024. Rently is backed by Aument Capital Partners. As of January 2024, the company has appointed entrepreneur and investor Dieter Schlosser to its Board of Directors. Schlosser was formerly the CEO of SoftwareOne.
Source: Biometric Update
Bianca Gonzalez is a freelance journalist. She has written for Next City, Bold Culture, Insider, and Infosec Institute.
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