Alternative deposits: proptech firm secures new deal with lettings platform

Tenant services supermarket Tenant Shop is to begin offering a cash rental deposit alternative after signing a distribution deal with Reposit.

The partnership will enable letting agents to offer tenants a service that will help them move into a property without paying the five-weeks’ cash security deposit that will become law on June 1st.

This deal with Tenant Shop is a significant boost for Reposit, which was ‘paused’ recently while it retooled its online and app-based service and subsequently received  a fresh cash injection of £500,000 from investors.

Tenant Shop is an established player in the tenant services sector and has been in business for over ten years.

“We select our partners very carefully taking great pride in offering our agents best in class solutions,” says Glenn Seddington, Managing Director of Tenant Shop (left).

“And we did a significant amount of due diligence to find the right security deposit alternative and feel that Reposit offers the best product on the market. This is a key addition for us as more and more tenants look for a new way to rent property without the hassle of a deposit.”

Reposit will be added to the Tenant Shop next month and letting agents and their landlords will be able to use the service via a direct introduction from Tenant Shop or coupled with referencing via their preferred referencing partner, UKtenantdata.

Reposit’s product offers eight weeks’ rent as cover, three weeks more than the soon-to-be introduced legal maximum, while Reposit will deal with all collections of owed money from the tenant.