Jetty, the financial services company on a mission to make renting a home more affordable and flexible, today announced an investment from PayPal Ventures and Experian Ventures.
The new funding will enable Jetty to accelerate the growth
of its existing suite of products and invest in product expansion.
Jetty aims to support renters and properties at every stage
of the rental journey, with current product offerings, including Jetty Deposit,
a security deposit alternative; Jetty Rent, a flexible rent payment program;
and Jetty Protect, a modern renters insurance product. Jetty's network of
property owners and operators own and manage millions of rental units across
the country.
"We believe that working with the most respected names
in financial services is the fastest and most effective way to help us achieve
our vision," said Mike Rudoy, Co-Founder and CEO at Jetty. "Beyond
additional capital, this investment gives us access to a new toolset to improve
our current products and bring new solutions to market. Demand for
renter-focused financial services has never been greater and we remain focused
on alleviating the financial pain being felt by renters across the
country."
This new funding will support the launch of Jetty Credit, a
new credit building service that will facilitate the reporting of rent payments
to credit bureaus to provide additional data that could help renters boost
their credit scores. This new addition is being designed to seamlessly interact
with all other products on the Jetty platform, giving renters and property
managers a simple, all-in-one solution.
"Jetty and PayPal share a common mission: democratizing
access to financial services," said Rachel Zabronsky, Investor at PayPal
Ventures. "We're excited by Jetty's ambitions to reimagine renting, making
it a better, more accessible experience from move-in to move-out. As Jetty
enters its next stage of growth, we're looking forward to supporting their
success."
"We are committed to identifying and working alongside
companies that empower consumers and support Jetty's aim to improve the
financial lives of renters," said Alpa Lally, Vice President Data Business
for Experian Consumer Information Services. "We look forward to working
with the team to help expand their core business and develop their new tool to
help consumers build credit."
The PayPal Ventures and Experian Ventures investment follows
another investment from Wilshire Lane Capital and Morgan Properties announced
by Jetty in February 2022.