Fronted, the rental deposit lender co-founded by a trio of Monzo, Bud and Apple staffers, has secured an undisclosed amount of seed funding from Passion Capital and Truesight. 

Founded in December 2019 and on a mission to help renters by offering credit to spread the cost of apartment deposits which can often cost as much as several months’ rent.

“Like a lot of businesses we have been finding our feet in post-pandemic world, we are grateful to have supporting investors like Passion Capital who have supported us from the very beginning and who believe in our vision to help renters move,” CEO and co-founder Jamie Campbell told TechCrunch in a statement.

Passion Capital’s founding partner Eileen Burbidge, who led the VC’s early investment in Monzo, has also joined Fronted’s board according to the report.

In a blog update yesterday Campbell said Fronted had also supported its fundraise with cash from the UK’s Future Fund, designed to match existing investments in early stage companies.

“We were in the middle of raising our seed round when COVID hit and fund raising largely paused as investors re-assessed, recalibrated and got used to a Zoom-first world,” he wrote. 

“Thankfully, and with the help of the Future Fund, Passion Capital and Truesight, we raised a loan note to continue building Fronted.”

Earlier this year Campbell told AltFi that deposit lending would only be the start for Fronted, with a “full tenancy solution for renters” being the ultimate goal.

“There has been a lack of innovation in the credit space for the last four years.”

“And there has been a lot of technological advances in that time as well. Technological advances that lenders haven’t really been making the most of,” he said, pointing to the example of Open Banking.

Source: https://www.altfi.com/article/6986_fronted-secures-funding-from-passion-capital-truesight-and-the-uk-future-fund