Till, a fintech platform that helps renters pay and stay in their homes, announced that it has closed an $8-million seed funding round led by Route 66 Ventures, MetaProp and NextGen Venture Partners.
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“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”
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.
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“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.”
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