UK PropTech company RentalStep keeps expanding and improving its platform as part of round two of the UK Government's Rent Recognition Challenge, currently in process.
The initiative, launched in December of last year, with the first six winners announced in March, aims to encourage startups to use technology to help share renters’ payment histories with lenders and credit reference agencies.
HM Treasury has put forward £2 million – £1.4 million of which will be made available to a winner or several winners of round two of the competition.
The Rent Recognition Challenge is being judged by an expert panel which consists of Paul Smee (director of mortgages, UK Finance), Charlotte Crosswell (chief executive, Innovate Finance) and Neil Munroe (chief executive, CRS Insights) among others.
“We’re really looking forward to round two of the Rent Recognition Challenge and pitching our proposition once more to the Treasury, “ says Mike Georgeson, founder and chief executive of RentalStep.
“Ensuring that tenants’ rental payment histories are recognised in their credit scores is hugely important and we’re proud to be able to contribute towards this much-needed movement. As the country’s housing balance shifts increasingly towards private renting, there is no reason why rental payments – which are frequently more costly – shouldn’t carry the same weight as mortgage repayments,” he adds.
The first £600,000 of government money was split equally between the six winners of round one (RentalStep, CreditLadder, Bud, Canopy, FirstHomecoach and Movem).
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