Landlords’ banking platform Hammock raises €1.1m in seed funding
Hammock, a London-based provider of current accounts for landlords and property managers, has raised €1.1 million in seed funding.
Fuel Ventures and Ascension Ventures participated in the round. The funds will develop the company’s platform further.
Hammock plans to release its regulated current account in the near future. The service connects to landlords’ bank accounts and automatically monitor their rent collection, payments and expenses.
The firm claims to save landlords “significant time” with real-time insights and a reduction in inefficiencies.
“For landlords the time spent trying to manage the monies for more than one property – from rent collection to bookkeeping – can cause headaches,” says Manoj Varsani, founder and CEO of Hammock.
“Having this new investment allows us to pursue our vision of reducing uncertainty and providing efficiency to landlords, ultimately helping them maximise profits. These savings in both time and money can then be passed onto the tenants: a win-win for the industry.”
Hammock claims to have more than 1,700 properties managed by its platform. It says it is already tracking €7 million in rent through its systems.
It is not the only landlord-friendly banking platform to have raised funding this month.
Zibo, a banking and payments offering for landlords to manage their rental finances, landed $10.5 million in seed funding.
The fintech offers landlords a current account which automates rent collection, tags bills with the relevant taxes, and streamlines loan and insurance applications.