Fintech startup Jetty raised $25 million in new financing, and will use the cash infusion to expand the use of its home rental technology and services.
Jetty’s products include renters insurance and security deposit replacement.
Keith Rabois of Khosla Vetures led the Series B financing, and he’ll join Jetty’s board of directors. Existing investors, including Valar Ventures and Ribbit Capital, also participated. The investment brings the Jetty’s total funding to more than $40 million.
Plans call for using the Series B financing to continue to build and improve upon Jetty’s mission of empowering everyday renters with access to the homes they desire. Through further investments in technology and personnel, Jetty will expand its real estate distribution footprint, leveraging its property management partners as its primary channel to provide a better resident experience.
“As growing metropolitan areas struggle to build enough housing supply, no financial services have helped mitigate the impact to consumers,” said Keith Rabois, Managing Director at Khosla Ventures. “Jetty is focused on improving the lease-signing experience by providing a suite of financial services from a security deposit replacement product to a renters insurance product, for both renters and their property managers. By providing value to both sides, they’ve been able to create partnerships with the largest property managers across the U.S.”
Jetty’s property management partners include LivCor, Beam Living, Griffis, LeFrak, Lynd, and Rose Associates, among others—together spanning more than 500,000 rental units nationwide. Through these partnerships, Jetty Membershave saved an average of $1,350 on move-in costs with Jetty’s security deposit replacement product, Jetty Deposit. In addition, renters can gain protection through Jetty Renters Insurance, and they have the option to use Jetty as an institutional guarantor with Jetty Lease Guaranty.
The result is a drastically improved resident experience, and a more efficient leasing process for the property manager, Jetty said.