Jetty introduces Jetty Rent

NYC-based provider of an alternative to cash deposits Jetty announced its newest product – Jetty Rent – “a flexible rent payment solution.”

With Jetty Rent, Jetty pays rent on the first of the month on behalf of residents. Residents will then have until the 24th of the month to repay Jetty. They don’t pay interest charges or late fees, but rather a monthly subscription fee ranging from $15 to $25, depending on the renter’s risk profile. If the renter fails to pay back the money during the agreed-upon time, they will not be able to borrow more for the following month.

“Jetty Rent helps residents with irregular pay cycles spread out their monthly rent obligations and avoid penalties for late payments. It also gives leasing teams guaranteed on-time payments, and eliminates the hassle of tracking down late rent.”

The company also announced $23 million in a funding round co-led by Citi and Flourish Ventures. Additional investors participating in the round include Farmers, Credit Ease, K5 Ventures, Khosla Ventures, and Ribbit Capital