Spleet, a Nigerian platform for accessible property renting, raised a seed funding of $2.6 million. Founded by Dolapo Adebayo and Akintola Adesanmi, the startup aims to eradicate the problem of negotiating between landlords and house agents in Africa’s most populous nation.
Traditionally, if you want to rent an apartment in the country’s biggest city, Lagos, you will be required to pay annually. In addition, you must pay a year or two in advance for the first agreement.
This financial burden is not the only stumbling block in your way to getting a house in Lagos. There is also the back-and-forth between you and the agent to get a suitable apartment.
Spleet steps into the scene with a solution: an assurance to landlords that renters will not default on payments and a way for renters to pay monthly, quarterly, and biannually.
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“Our solution on the tenant side was a no-brainer. It was the landlords who needed convincing, but it helped that we already had a network of landlords. So instead of going out and raising venture capital, we decided that we were going to bootstrap because we could convince some landlords to list their homes on this platform that we had built and derisk some of their problems.” Adesanmi said.
The company has had about 68,000 unfulfilled requests since its launch because of the great demand for its services. It claims to have processed more than $3.5 million in rent so far from 1,000 tenants for 35 landlords. However, its pricing is on the high side, which is why it is not seeing an even greater volume of demand.
Its funding round comes after four years of existing and a pre-seed of $625,000 earlier this year. It had also raised $265,000 through a family and friends round when it was less than a year old.
With the new funding, Spleet plans to scale its products and provide credit solutions like Rent Now, Pay Later. The company is also bringing in third-party solutions like rent payment receiver Collect and vetting platform Verify.
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