Article taken from: techcrunch.com
“There are so many problems to solve and we intend to tackle them all bit by bit. But first, we are going to pay people’s rent deposits for them so they can pay us back in bite-size manageable amounts. Deposits are a large upfront expense and most people either use mum and dad to sort it out or stay where they are ”. ’s Deposit Protection Scheme, meaning that the loan never touches the renter’s hands .
“Ultimately this first product is designed to be very convenient and we believe people will opt for this more manageable alternative to a normal deposit,” adds Campbell. We hope this first product increases social mobility by providing liquidity when people need it”. Initially, Fronted will generate revenue through interest charged. It then plans to extend its fintech product offering with additional money-advance services “to help smooth out the bumps of renting”.
“We also intend on rolling out a ‘turn up and turn on’ service for utilities and internet,” says the Fronted CEO.
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