Spleet Raises $2.6m to Spread Rent Offerings, Products to Nigerians

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By Adedapo Adesanya

Nigerian prop-tech startup, Spleet, has closed a $2.6 million seed round to scale its residential rent-focused products.

The funds were provided by MaC Venture Capital, Noemis Ventures, Plug and Play Ventures, Assembly Fund, Ajim Capital, Francis Fund, as well as Metaprop VC and HoaQ Fund.

This fresh injection followed the $625,000 pre-seed funding round raised by the company in March.

Since its inception, Spleet has processed millions in rent, housed over 1,000 tenants and onboarded over 35 individual and corporate landlords.

With the funding, the startup plans to expand its product offerings to include Collect, a service that automatically receives rent payments on behalf of landlords; Verify, a tool that enables landlords and real estate agents to vet and carry out adequate background checks on tenants before offering lease agreements; and Rent Now Pay Later, a no collateral, affordable-interest rate rental loan product.

The Rent Now, Pay Later, which has been in the testing phase since December, gives renters access to no-collateral loans up to N3 million with an interest of about 3.5 per cent monthly to finance rent payments.

It is built on the back of payroll access, with a handful of users who make a one-month down payment while the company finances the remaining 11 months.

Speaking on the funding, Mr Tola Adesanmi said, “This funding would go into deepening our product offerings for landlords, real estate agents and tenants across Nigeria and testing out new markets.”

“The housing crisis is an enormous problem that impacts us at a global scale, and Africa is no exception,” said Mr Marlon Nichols, co-founder and managing general partner at MaC Venture Capital.

“In countries like Nigeria, the requirement for tenants to provide 12-to-24 months of rent payment in advance creates a barrier for large parts of the population in accessing the rental market and essentially renders them homeless. MaC is proud to partner with Spleet as it continues to bring forward a comprehensive solution that effectively serves both sides of the housing market and makes true deposits to combating homelessness,” he added.

Founded by Mr Adesanmi in 2018 from the need to find rentals with flexible payment options in Lagos as opposed to the usual one or two-year upfront payment options, Spleet allows homeowners to rent their apartments to vetted individuals while also helping people easily find places to stay.

The startup enables landlords to verify and scrutinise tenants and also automates rent collections. Its nonperforming loans ratio recorded so far stands at 1.2 per cent.

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