For the purpose of launching a new product that provides tenants with inexpensive loans to assist them pay their rent, Nigerian prop-tech startup Spleet has acquired US$625,000 in pre-seed funding.
Tola Adesanmi, the founder of Spleet, a Lagos-based rental platform, was inspired by the need to discover rentals with flexible payment options in Lagos rather than the customary one or two year upfront payment alternatives. Using the startup, landlords are able to check and evaluate tenants, as well as automate rent
MetaProp VC, FEDHA Capital, VFD Group, Moonshot VC, HoaQ, Squarefoot CEO Jonathan Wassersturm, Flutterwave CEO Olugbenga ‘GB’ Agboola and others have invested in Spleet in an oversubscribed pre-seed round of US$625,000.
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In addition to the “Rent Now Pay Later” product, Spleet plans to use the funds to develop other solutions that will make the leasing process more efficient. The new product will make it easier for renters to get low-interest loans to cover their bills.
“After opening a rental marketplace in 2019, we realized that our marketplace couldn’t solve all of the problems in our rental market. One of the most pressing concerns for tenants is the cost of their rent. Due to the fact that most tenants are paid on a monthly basis, they cannot afford to pay their rent in advance for a period of 1–2 years “Adesanmi chimed in.
“Rent Now, Pay Later” is a financing method that allows tenants to get a property with as little as one or two months’ worth of money. Tenants have had a positive experience with the beta testing of our rent-pay-now-pay-later offering. In the next months, we plan to make this service available to a broader range of residents and potential tenants.”
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Co-founder and general partner at MetaProp Zachary Evans noted that Spleet was a top choice in Nigeria’s burgeoning prop-tech market.
“We feel that Spleet will be a tremendous success because it removes the difficulty of renting apartments. In addition to our investment in Spleet, we are also entering the West African proptech industry in a larger capacity,“ he commented.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer