Jetty, the financial services company on a mission to make renting a home more affordable and flexible, today announced an investment from PayPal Ventures and Experian Ventures.
The new funding will enable Jetty to accelerate the growth of its existing suite of products and invest in product expansion.
Jetty aims to support renters and properties at every stage of the rental journey, with current product offerings, including Jetty Deposit, a security deposit alternative; Jetty Rent, a flexible rent payment program; and Jetty Protect, a modern renters insurance product. Jetty's network of property owners and operators own and manage millions of rental units across the country.
"We believe that working with the most respected names in financial services is the fastest and most effective way to help us achieve our vision," said Mike Rudoy, Co-Founder and CEO at Jetty. "Beyond additional capital, this investment gives us access to a new toolset to improve our current products and bring new solutions to market. Demand for renter-focused financial services has never been greater and we remain focused on alleviating the financial pain being felt by renters across the country."
This new funding will support the launch of Jetty Credit, a new credit building service that will facilitate the reporting of rent payments to credit bureaus to provide additional data that could help renters boost their credit scores. This new addition is being designed to seamlessly interact with all other products on the Jetty platform, giving renters and property managers a simple, all-in-one solution.
"Jetty and PayPal share a common mission: democratizing access to financial services," said Rachel Zabronsky, Investor at PayPal Ventures. "We're excited by Jetty's ambitions to reimagine renting, making it a better, more accessible experience from move-in to move-out. As Jetty enters its next stage of growth, we're looking forward to supporting their success."
"We are committed to identifying and working alongside companies that empower consumers and support Jetty's aim to improve the financial lives of renters," said Alpa Lally, Vice President Data Business for Experian Consumer Information Services. "We look forward to working with the team to help expand their core business and develop their new tool to help consumers build credit."
The PayPal Ventures and Experian Ventures investment follows another investment from Wilshire Lane Capital and Morgan Properties announced by Jetty in February 2022.