Jetty has raised $23 million in additional venture capital and launched a new product that helps renters cover their monthly payments.

Jetty’s Jetty Rent coverage will pay rent on behalf of renters for the first of the month. Renters will have until the 24th of each month to repay Jetty, either in a lump sum or installments, the company said. Jetty’s goal is to reduce the financial burden of moving into a new home and make it more flexible about how and when to pay rent.

The product is part of Jetty’s financial services platform, which also includes offerings designed to help property managers increase lease conversions, improve resident retention reduce bad debt and boost net operating income.

Jetty’s new investors include Citi and Flourish Ventures.

Previous venture investment rounds include a $25 million financing in February 2019.

Back in January, Farmers Insurance announced it has become an equity investor in Jetty, committing an undisclosed financial amount to the company. That investment was slated to further enhance Jetty’s existing products and support development of new ones. A deal in June 2020 made Farmers-owned Toggle Insurance Company the exclusive reinsurance provider for all new policies written under Jetty’s Core products: Jetty Deposit and Jetty Renters Insurance.

Other Jetty investors include Ribbit Capital, Valar and Khosla Ventures.

Source: Jetty