£100k funding for Liverpool proptech firm RentalStep

Rental platform RentalStep has secured a £100k boost in the first round of the HM Treasury’s Rent Recognition Challenge.

The Liverpool-based startup, which works to help tenants boost their credit scores, will now have the opportunity to bid for further funding from the remaining £1.4m prize pot.

RentalStep was among six winners in the first phase of the challenge – a competition offering funding for companies that allow tenants to record and share their rental payment data with lenders and credit reference agencies.

The firm was set up in 2016 with the aim of improving the renting process for both tenants and landlords.

Chief exec Mike Georgeson

RentalStep joined Santander’s Liverpool-based business incubator programme at the start of 2017, using the office space and business support to grow its foothold within the proptech market.

Round two of the Rent Recognition Challenge will be held in July.

RentalStep CEO Mike Georgeson said: “We are so proud to be a winner in this round of the Rent Recognition Challenge.

“The past two years have been an incredible journey for me and the wider team, and the support from Santander and the incubator in Liverpool has been invaluable.”

He continued: “Our service is already helping tenants boost their credit score by securing a record of their rental payments and this award is a testament to our business model and aspiration for continued growth.”

Lynne Robertson, breakthrough incubator manager at Santander Business, commented: “We’re absolutely delighted that RentalStep has been recognised at such a high level. The firm has built a successful, innovative technology led service and would be a very worthy winner of the next round.

“It is also a great testament to our Liverpool incubator and we hope that more businesses originating from our incubator service can go on to secure great awards like this one.”