Deposify, a Dublin start-up that has already partnered up with major players like Bank of Ireland and the Escher Group, has just raised €1.1m for its US expansion.
A start-up that spotted a glaring gap in the rental market, Deposify’s premise is remarkably simple and appealing. It essentially handles rental deposits on behalf of both tenants and landlords, providing a digital dispute resolution to take away an awful lot of stress for all concerned.
It also provides other financial transaction dispute resolution services, thus its appeal to a growing number of investors.
Now, as its growth continues, it has raised €1.1m to fund its US expansion. The funding has been raised from Bank of Ireland, Escher Group Holdings plc, Enterprise Ireland and a number of angel investors.
Jon Bayle, founder of the company, said he’s “delighted to welcome” his new partners into the fold, noting ongoing investment is now a pre-requisite for fintech start-ups.
The company is a former Siliconrepublic.com Start-up of the Week, and gained impressive recognition in 2015, including making an appearance on the Business & Finance Elevation 100 and being shortlisted for Best Innovation for Financial Services in the Irish Internet Association (IIA) Net Visionary Awards.
Noting the company’s close work with Bank of Ireland’s innovation team, Bayle says technology development is set to stay in Ireland, despite all eyes now looking to the US market.
“We are relentlessly focused on delivering the best product we can and offering exceptional customer service,” he said, claiming sales and support roles in the US is next on the list.
As part of the new business plan, Tony Kelly, former CEO of Demonware and early stage investor in Deposify, has joined as CTO, and Kevin Gannon, former COO/CFO of financial services company Chill Insurance, has joined as COO.