Tola Adesanmi - Afrikan Heroes

Nigerian ‘Rent Now, Pay Later’ Startup Spleet Lands $625k In Pre-seed Round

March 16, 2022

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.

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.”

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.

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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

Prop-tech Startup Spleet, Expanding to Ghana, Rwanda and Kenya

January 7, 2021

Chief executive officer (CEO) Tola Adesanmi

Innovative prop-tech startup Spleet is expanding from its Nigerian base to Ghana, Rwanda and Kenya this year as it transitions towards an Airbnb-style self-hosting model for Nigerians travelling abroad. Spleet was founded three years ago inspired by the need to discover rentals with flexible payment options in Lagos as opposed to the usual one or two year upfront payment options, Spleet allows homeowners to rent out rooms to vetted individuals, while also helping people easily find places to stay.

Spleet recently launched a host product for homeowners with spare rooms to manage their spaces, which will allow Airbnb-style self-hosting on its platform, and is looking at moving into new markets. Chief executive officer (CEO) Tola Adesanmi told Disrupt Africa Spleet was planning to expand to Ghana in the second quarter of 2021, and Kenyan and Rwanda in Q3.

“We intend to first seed those markets by initially working closely with property managers that currently manage spaces manually, with a focus on people visiting from Nigeria. This way we build a reputation before hitting the local market directly,” he said.

“The host product also gives potential hosts autonomy, and a sense of control over their earnings. Over the next few months, we’ll continue to iterate per customer feedback and our own product roadmap.”

In Nigeria, Spleet has seen positive uptake of its renters product, and currently has a 96 per cent retention rate with its long stay spaces, and an average stay of 11 months. “Metrics like our current waitlist signal potential for more growth now that we have the hosting product,” Adesanmi said. After bootstrapping for 18 months, Spleet closed a US$265,000 pre-seed round in 2019 and is currently raising a seed round.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry