FinTechs Win Share of £2 million Prize Fund to Help Renters onto the Housing Ladder
News on 22nd August 2018
Three FinTech startups, including Innovate Finance member Bud, have each won a share of the UK government’s Rent Recognition Challenge. Bud, along with the other two winners CreditLadder and RentalStep, were tasked with creating a simple way for renters to record and share their rent payment data, to help them improve their credit score. The three winners will use their funding to further develop their businesses.
Ed Maslaveckas, Co-Founder at Bud said:
“We are delighted with the win. Using our expertise in open banking and data services, Bud are building an AI engine that automatically recognises rental payments, prompts you to verify them and logs these payments in a ‘rental profile’ for you to share with mortgage brokers, helping you buy a house. We’re excited technology companies, data services, regulation, government and banks are all coming together to solve this problem. This will create change that will be felt all over the country and that makes me, and everyone at Bud, very proud.”
Mike Georgeson, Founder and CEO at RentalStep said: “The team at RentalStep are delighted and very proud to be chosen to help even more tenants have their rent recognised. Our innovative solutions will enable tenants to quickly and accurately verify their rent payments, as well as communicate easily with their landlords, report any issues and receive free referencing and tenancy agreements.”
Charlotte Crosswell, CEO at Innovate Finance, who was part of the RRC’s judging panel, said:
“We are delighted to support the Rent Recognition Challenge and address this important issue of helping renters as they look to establish a credit history, helping their journey towards securing a mortgage in the future. The FinTech sector has proven it can provide credible, innovative solutions and we are delighted that government has recognised that FinTech companies have a significant role to play in this market.”
To read more on this announcement, view the details here.