Rental deposit lending company Fronted has secured more than £1 million of funding in a debt and equity deal which included two of Monzo’s co-founders.
Fronted, founded in December 2019, allows consumers to spread out rental deposits into smaller monthly payments over 12 months.
The two Monzo co-founders were Paul Rippon and Gary Dolman, who served as deputy chief executive and chief financial officer respectively at the challenger bank.
Dolman is also set to join Fronted's advisory board.
Other investors included Baroness Kingsmill, a former chair at Monzo, Ville Vesterinen, founder of start-up event Slush Conference, and Ling Lin, former head of product Asia at TransferWise.
This brings the FinTech’s total funding to date to £2 million.
Fronted said the money raised will be used to fund its deposit loan business and to establish strategic partnerships.
“We are delighted to get the backing of over 20 remarkable investors, to grow the business,” said Jamie Campbell, chief executive at Fronted. “This investment is the result of a year of huge effort from the whole team.”
He added: “We will use the money to create greater access to Fronted; partnering with platforms that will offer Fronted as a deposit payment option.”
Gary Dolman, previously of Monzo Bank, and now a venture investor at Antler VC, said: “Fronted’s offering is highly differentiated and equally attractive to their customers and to me as an investor.”
He added: “Their focus, business model and prospects are exciting and I am delighted to join Fronted’s advisory board.”
"Home is where the heart is and I know as a landlord and former tenant that deposits can be difficult to pull together,” Paul Rippon, previously of Monzo Bank, and now chairman at property finance company GBB. “That real problem needs solving and the Fronted team are doing that in a caring way using interesting modern technology.”
He added: “I'm delighted to be an investor and be part of their journey."
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