US PropTech startup Till has raised $8 million from investors to support its mission to cut down evictions by setting up an intermediary platform for landlords and renters. The company’s mission is to allow for tenants to be flexible with rental payments by creating a customized payment schedule and in so doing avoid unnecessary evictions, which the company is on record as saying it could be able to cut by as much as 50%.
Till is already working with 170 properties with 30,000 units across the United States and will use the seed round money to expand to more. With many experts predicting a worsening economic downturn followed by inevitable pressure on renters, Till’s product is a timely one according to Metaprop Partner Zak Schwarzman. Speaking to TechCrunch, Schwarzman said:
“As the uncertainty wrought by the COVID-19 pandemic and related economic fallout continues with no clear end in sight, it’s more important than ever that landlords find new, mutually beneficial, ways to work with renters to reduce late fees, minimize evictions and foster renters’ long-term financial health.”
The business model works by charging renters $3 per month if payments are made on time and $9 if they are not. The company also offers rental loans to tenants as a side product.