Hammock, a U.Ok. fintech/proptech serving to landlords and property manages acquire higher oversight on the monetary well being of their rental properties, has raised £1 million in seed funding because it readies the launch of a present account.
Backing comes from Fuel Ventures and Ascension Ventures, becoming a member of current buyers that embrace Founders Factory and varied unnamed angels. Hammock was incubated inside Founders Factory Studio and within the final 12 months has on-boarded greater than 1,700 managed properties onto its platform, monitoring over £7 million in hire.
“At a sensible stage, we wish to save landlords money and time,” explains Hammock founder and CEO Manoj Varsani. “As a landlord, I do know too nicely how time-consuming and inefficient it’s to handle your properties with spreadsheets, paper notes and to collate information from a number of financial institution accounts. As a fintech skilled, I realised that landlords and letting brokers usually depend on archaic expertise and haven’t skilled the advantages of latest technology tech options”.
Varsani says that a lot of the information wanted by landlords to handle their property funds is already accessible on varied banking and budgeting apps, however argues it isn’t accessible in “a straightforward and comprehensible” format. “We purpose to unravel these issues by streamlining property funds administration,” he provides.
As it exists presently, Hammock plugs right into a landlord’s financial institution accounts, through open banking, and mechanically screens hire assortment, tracks funds and bills and gives dwell analytical reporting on the wellbeing of every rental home or flat. However, subsequent on the roadmap, to be launched within the coming weeks, is an FCA-regulated present account designed particularly designed for landlords and property managers — thus setting the corporate as much as launch future monetary companies for rental property homeowners.
“Landlords who use Hammock get real-time notifications about all revenue and bills, so hire assortment and money movement administration are simpler to keep watch over,” says Varsani. “They additionally get the instruments they should reconcile transactions as they occur, in order that they all the time know the place they stand by way of revenue and loss. This implies that compiling their tax assertion goes from taking hours to taking minutes. Landlords can already get our functionalities in the event that they join their financial institution accounts through open banking. In September we’ll launch our personal present account, so all functionalities will likely be natively built-in and the entire expertise will likely be much more seamless”.
Direct Hammock prospects span skilled landlords with massive portfolios (e.g. greater than 50 properties) in addition to part-time landlords who handle only one or 2 properties. The startup additionally serves B2B prospects, reminiscent of letting brokers, property managers and construct to hire firms, and works with accountants who act as a buyer acquisition funnel by recommending the service to their landlord shoppers.
Meanwhile, the enterprise mannequin is easy sufficient. Customers pay a month-to-month subscription to make use of the platform primarily based on the variety of properties managed, with the overwhelming majority paying £9.99 per thirty days.