UK based challenger bank Hammock is due to release its unique current account to the property industry in the next few weeks after receiving a significant investment of £1 million in seed funding.
It is currently preparing to launch its never before seen current account designed for both landlords and property managers to help them understand the financial health of their rental properties
The investment comes from Fuel Ventures and Ascension Ventures to help further develop its technology platform in order to give financial clarity to landlords, saving them time and money.
Manoj Varsani, founder and CEO, said, “The UK is a country of renters with more than £85 billion collected each year. For landlords the time spent trying to manage the monies for more than one property – from rent collection to bookkeeping – can cause headaches. I know this first-hand being a landlord myself. We wanted to alleviate this by developing new tech that automates the mundane duties of managing property portfolios and provides instant insight into how well each house or flat is performing. Having this new investment allows us to pursue our vision of reducing uncertainty and providing efficiency to landlords, ultimately helping them maximise profits. These savings in both time and money can then be passed onto the tenants: a win-win for the industry.”
Hammock are due to release their FCA regulated account in the next few weeks and will be looking to further expand their range of money and lending services as their business grows.
“We’re very bullish about the impact of open banking on bringing value to consumers through their account data”, says Mark Pearson, Managing Partner at Fuel Ventures. “Hammock is a great example of this happening for landlords, who, now more than ever, need to be able to track the performance of their property portfolios. In our initial discussions, we were incredibly impressed by Hammocks’ early product and the progress they had made with the funding they had. We’re incredibly excited to be part of this latest round of investment, giving Hammock the fuel to bring real value to the UK’s 2.5m landlords.”