Weisz Investments and Avonmore Developments together invest £500,000 in UK based InsureTech firm Reposit.
Founded in 2015. Reposit offers one week worth of rent to secure a property. Also Reposit becomes a named beneficiary on Reposit’s insurance policy and is protected for up to six-weeks rent; anything that a deposit would have covered.
This new round of investment lead them to scale the team and create further products across the UK rental market.
Reposit’s Co founder and CEO, Jude Greer says,
“Everyone at Reposit has been a tenant and has felt the pain of trying to claw together a tenancy deposit to move into a new property. Paying for one deposit, and waiting for an old one to be released, really highlights a cash flow issue for a lot of people, and there is £4.5Bn of dead cash sitting in tenancy deposit schemes. Cash that could actually have a massive impact if made available to tenants again.”
“We also understand that landlords require security and commitment from tenants which influenced how we structured our solution and moved away from a traditional insurance product that would indemnify a tenant, increasing the moral hazard risk. By easing the burden of a six week deposit, we’re speeding up an entire process and helping more people rent property quicker. A win-win for all involved,”
At the moment, Reposit is used by over 200+ agencies and claims to have saved its users £1.3m on deposits.
In addition with the investment, Reposit started partnership with London insurer Canopius and Simon Blacky join as a board member. Simon Blacky is a Partner of Avonmore Developments.