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Wednesday, September 22, 2021, 12:23 AM

Jetty seeks $23 million to assist in providing tenants with more payment options.

A $23 million financing round co-led by Citi and Flourish Ventures has been completed for the fintech startup Jetty, which seeks to provide tenants with more flexibility when making rent payments.

Jetty has raised a total of $78 million since its start in 2016, bringing its total raised since 2016 to $78 million. Credit Ease and K5 are two other companies that have invested in the current expansion round. Farmers Insurance Group, Khosla Ventures, and Ribbit Capital are among the investors that have supported the company in the past.

Renters may pay their rent when it is due and then have up to 24 hours to send the money back to Jetty — either in one single payment or in installments, according on their preference. They do not have to pay interest or late penalties, but rather a monthly membership fee that ranges from $15 to $25, depending on the risk profile of the tenant, is required. It is possible that the tenant will not be allowed to borrow money for the next month if they do not repay the money within the agreed-upon time frame.

According to him, the offering is more of a cousin to conventional BNPL than it is genuine BNPL.

Other companies that have developed new technologies to make the lives of tenants simpler have also received funds in recent months, according to the Wall Street Journal. An investment round of $2. 5 million in initial financing was recently completed for Sugar, a company that seeks to transform residential complexes into "interactive communities. " In addition, RentCheck, a company that has developed an automated property inspection platform, has received $2. 6 million in early funding from investors.