UK tech firm CreditLadder is one of three Fintech companies to win through to the final of HM Treasury’s Rent Recognition Challenge (RRC) announced by Chancellor Philip Hammond as part of the Autumn budget statement in November last year.
The RRC was launched to help develop applications that will help renters boost their credit scores, improve their creditworthiness and their chances of getting on the housing ladder.
CreditLadder will now receive £500,000, its share of the remaining £1.4 million left in the RRC fund. This follows the first round of the challenge in March this year that saw six tech firms including CreditLadder each given £100,000 to further develop their platforms prior to a final round.
The announcement follows scrutiny of each firm’s presentations by a panel of leading figures from the Fintech sector including Al Lukies of Motive Partners; Charlotte Crosswell, CEO of Innovate Finance and Paul Smee, Former Director of Mortgages, UK Finance.
CreditLadder CEO Sheraz Dar said “Our service was the first in the UK to enable tenants to have their rent recognised by a leading credit reference agency and this, coupled with our strong tech development and significant database of tenants, I believe, helped secure today’s approval from the HM Treasury. We are hugely thankful for the HM Treasury’s decision to award us the extra cash which, as a leading FinTech platform, will enable us to help millions of tenants to benefit from their rent payments being reported.”
“The UK’s 11 million tenants in the private sector are struggling to get on the property ladder and a service like ours enables them to prepare their finances for the first step, something HM Treasury is keen to help them achieve.”