Rhino to acquire Deposify
Rhino has entered into a definitive agreement to acquire the technology and assets of Deposify, a company founded in 2014 in Ireland that offers pay and hold rental deposits services.
We covered Deposify in 2019, when it partnered with Assurant to introduce the service to the insurer’s property management clients.
Deposify disclosed $1.5 million in funding and it is a team of under 10 based on LinkedIn data.
“Today’s announcement is a direct response to hundreds of conversations with renters frustrated by waiting for deposit refunds and landlords and property managers struggling with time-consuming operations, looking for more cost-effective ways to handle cash. While renters and landlords alike are enthusiastic about our work to introduce a new way to secure a home with Rhino’s deposit insurance product, the reality is cash deposits will continue to be used for some portion of transactions, and we’re in a unique position to solve those challenges. We’re going to give renters a world-class, technology-first experience regardless of how they choose to move-in: with deposit insurance or with a cash deposit.” – Paraag Sarva, Rhino co-founder and CEO.
“We founded Deposify with a goal of bringing cash deposit collections, refunds, and compliance out of the stone age. With our platform, cash deposits can be paid instantly and refunded instantly, dramatically improving the customer experience for renters and reducing operating and compliance costs for landlords and property managers. I’m excited to partner with Paraag and the Rhino team on the next chapter of our journey together as we double-down and expand our reach and vision with the incredible momentum they have.” – Jon Bayle, founder and CEO of Deposify.