The Fundrise Innovation Fund has invested $2 million into Jetty, a financial services platform for the rental real estate industry.
Rental housing represents roughly 12% of US GDP, “making it the largest addressable market by several measures.” Yet, it has historically “been overlooked in spite of its size, with many practices changing little over the past century.”
As noted in a blog post, the Fundrise Innovation Fund has recently announced a sizable investment into Jetty, a financial services solution for the rental real estate sector. As explained in the update, their investment is part of a round “that includes other strategic investors like Citi Ventures (lead), Paypal Ventures, and Experian Ventures, and represents the fund’s second investment within the real estate and property technology (proptech) sector that we identified as a focus when we launched the fund last year.”
For the more than 120 million Americans (36% of households)¹ who rent their homes, housing typically “represents their largest expense.”
Accordingly, rental housing reportedly “represents roughly 12% of US GDP, making it the largest addressable market by several measures.”
While technology has made large strides over the last two decades making it easier and more cost-effective for individuals “to manage many aspects of their personal finances (e.g. banking, borrowing, investing), the rental real estate market has historically been overlooked in spite of its size, with many practices changing little over the past century.”
Jetty recognized this opportunity and “built an integrated financial services ecosystem that makes renting more flexible and affordable for renters, while at the same time enabling property managers to lease up faster and reduce bad debt.”
With the launch of their first four products and adoption by many of the largest owners and managers in the country (including Fundrise), Jetty claims it is “the clear leader in the race to modernize the financial services aspect of rental real estate, and well on their way to becoming the overall category winner.”
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