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Nigerian Propertytech Startup, Spleet Secures $625k Funding

Spleet, a Nigerian propertytech startup, has raised $625,000 in a pre-seed round led by MetaProp VC.

The oversubscribed round was joined by Future Africa, FEDHA Capital, VFD Group, Moonshot VC, HoaQ, CEO of Squarefoot, Jonathan Wassersturm, and CEO of Flutterwave and Gbenga ‘GB’ Agboola.

With this new investment, the Nigerian proptech startup will build its newest rent financing product – Rent Now Pay Later and other products to enable seamless residential rental processes. The product is currently in beta testing.

Spleet will also scale its tenant verification and rent collection product, to vet tenants and automate the collection of rent payments which is a huge pain point for landlords.

These products will help Landlords and their property managers protect their rental investment by running background checks on prospective tenants and choosing only trustworthy, verifiable candidates. Automated rent collection will also help Landlords minimize the risk of loss of rental income and late payments

Founded in 2018 by Tola Adesanmi, Spleet’s mission of building a future where renting a home is much easier, has made significant progress with the creation of a financial services solution enabling landlords verify and vet tenants as well as automate rent collections while individuals looking for comfortable living spaces with flexible payment options can do so with little to no hassle.

Spleet’s CEO, Tola Adesanmi said: “After launching a marketplace in 2019, we realized that the issues in our rental market were beyond what our marketplace could solve. Affordability is one of the biggest pain points for tenants. Most tenants earn income monthly and can therefore not afford the 1-2 years burden of paying their rent in advance.”

Adesanmi added that “landlords find it difficult to verify tenants and are dependent on tenant decisions to receive regular rent payment, resulting in high default and an inefficient rent collection system. Spleet is able to reduce landlord risks by verifying tenants and guarantors via proprietary and 3rd party APIs as well automating collection of rent.

“We have verified thousands of tenants for our individual and corporate landlords enabling these landlords to automate collection of rent, manage tenants and maintenance requests for their homes.” he said.

“Spleet has distinguished itself as a best in class product within the nascent and exploding proptech sector in Nigeria. It remains extraordinarily difficult to rent apartments efficiently and we believe Spleet will create a massive business by removing this friction.” Zachary Aarons, co-founder and General Partner at MetaProp stated.

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