Jetty Announces Investment from PayPal Ventures and Experian Ventures
Funding to support ongoing business expansion and the development of a new credit building service for renters
NEW YORK, May 25, 2022 /PRNewswire/ -- 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 o 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.
Jetty is the financial services platform on a mission to make renting a home more affordable and flexible. Jetty's integrated suite of products helps property managers increase lease conversions, improve resident retention, reduce bad debt, and boost NOI. For renters, Jetty decreases the financial burden of moving into a new home and offers greater flexibility with how and when to pay rent. To learn more about Jetty, visit jetty.com.
About Experian and Experian Ventures
Experian is the world's leading global information services company. During life's big moments — from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime. We have 20,000 people operating across 44 countries and every day we're investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. Experian Ventures, located in Silicon Valley, Singapore, London, and Brazil, invests globally in startups developing innovative consumer and business solutions for data creation, analytics and machine learning and information security. Experian is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 Index. Learn more at www.experianplc.com.
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