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Homeppl Launches B2B Tenant Guarantor Service

Homeppl, a London-based startup that creates inclusion in rentals, today announces the launch of the B2B version of its tenant guarantor product, Homeppl Guarantid, designed for businesses. The introduction of the new service is in response to a nearly 10-fold increase in tenancy fraud from 2020 to 2021.

Tenancy fraud and the demand for guarantees from letting agents, landlords and Build to Rent properties (BTR) has dramatically increased, driven largely by an increased need to rent due to rising house prices and shortage of housing. The latest data from Homeppl reveals a sharp rise in tenancy fraud from 2020 and particularly at the start of this year with a 75% increase in tenancy fraud from January to February. The two most common types of tenancy fraud include creating fake financial documents and falsifying employment references.

To address this rise in tenancy fraud and demand for guarantors, and to allow businesses to say “yes” to more new tenants, Homeppl developed Guarantid. Homeppl Guarantid utilises Open Banking, Machine Learning, instant decision engine, fraud detection tools and behavioural analysis, to offer rental guarantees.

After previously existing as a consumer product, Homeppl Guarantid is now available for businesses, where it guarantees the rent of any tenant that Homeppl has approved, ensuring the full rental income for that business. Homeppl Guarantid secures rent for landlords, offering instant payout for rent in default. For letting agents, landlords and BTR properties, the service offers same day payments and covers any rent amount. And with Homeppl’s approval rate of 96% it allows businesses to provide tenancies to more people and improve revenues.

Alexander Siedes, CEO and Founder of Homeppl, said: “After the success of our consumer service, it became abundantly clear there was an increasingly acute need for a product of its type for businesses as growing fraud makes it harder to onboard tenants. With Homeppl Guarantid businesses can say yes to more prospective tenants, guarantee the rent of that tenant while dramatically reducing fraud.”

“By giving both consumers and businesses the ability to rent, when they may otherwise have struggled to, we’re well on our way to achieving our mission of creating financial inclusion for all.”

“And at the same time, we’ve made the crucial step of bringing our two brands – Homeppl and Guarantid – together to underscore this mission. This will see both the brands merging to come under one umbrella of Homeppl.”

This new B2B offering comes as the two sides of the business merge, with Homeppl and Guarantid previously operating as separate entities. Homeppl previously focused on preventing rental fraud and qualifying tenants, working with letting agencies, online marketplaces and Build to Rent Companies, and Guarantid licensed Homeppl’s technology to offer rental guarantees to people who require guarantors. Now, the two offerings will both fall under the Homeppl brand.