Deposits alternative firm is latest casualty of Coronavirus

first_imgRental deposit platform Fronted is the latest casualty of the Coronavirus crisis after announcing that the business has been mothballed and most of its staff furloughed.The company revealed its new service in December, saying it would help tenants pay their rental deposit by splitting it into more affordable chunks.Fronted was due to soft-launch last month with a limited number of tenants and with the support of the Financial Conduct Authority’s tech start-up arm.But the Coronavirus pandemic means few people are moving home even in the rented sector, and the FCA now has more pressing issues to deal with including battling to help growing numbers of people afford the basics.In an email to its registered database, founders Simon Vans-Colina, Jamie Campbell and Anthony Mann (pictured) have revealed that the company is to go into ‘hibernation for a few months’.Re-emerge“When we re-emerge from this crisis our world will be different. People will need a change after months of isolation and opportunities in cities for work and education will return. The world we will inherit is a world where Fronted still fits,” the trio say.“Everyone needs to stay safe and stay put. During this time, we will continue to support renters with educational and factual content, and we will raise awareness of your rights while things are more confusing than usual.”Their tech uses Open Banking technology to enable Fronted to assess a tenant’s financial health prior to lending them their tenancy deposit.Read more about rental deposits.Simon Vans-Colina Anthony Mann Fronted Jamie Campbell rental deposit April 3, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » COVID-19 news » Deposits alternative firm is latest casualty of Coronavirus previous nextCOVID-19 newsDeposits alternative firm is latest casualty of CoronavirusFronted had hoped to launch this week but its plans to help tenants afford and manage their rental deposit payments have now been mothballed until the crisis is over.Nigel Lewis3rd April 20200639 Viewslast_img read more

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