U.K. Fintech or Proptech start-up, Hammock announced on 17th August, 2020, that it has raised £ 1 million a seed funding round led by Fuel Ventures and Ascension Ventures. Existing investors in the seed round include Founders Factory & several unnamed angels.
Hammock was incubated within Founders Factory Studio and in the last 12 months has on-boarded onto its platform more than 1,700 managed properties, tracking over £7 million in rent. The company provides financial and property services to property managers and landlords to gain a complete overview on the financial health of their rental properties.
Founder and CEO of Hammock, Manoj Varsani explained, “At a practical level, we want to save landlords time and money. As a landlord, I know too well how time-consuming and inefficient it is to manage your properties with spreadsheets, paper notes and to collate data from multiple bank accounts. As a fintech expert, I realized that landlords and letting agents often rely on archaic technology and haven’t experienced the benefits of new-generation tech solutions.”
Varsani further says that the needed data for landlords is already available on various budgeting and banking apps, but it is not accessible in an understandable format. The start-up aims to resolve this problem by streamlining property finance management.
As it exists currently, Hammock plugs into a landlord’s bank account through open banking and automatically tracks payments & expenses, rent collection and provides on the spot analytical reporting on the well-being of each rental house or flat. However the start-up is setting up to launch future financial services which is an FCA-regulated current account, designed especially for property managers and landlords.
Mr. Varsani commented, “Landlords who use Hammock get real-time notifications about all income and expenses, so rent collection and cash flow management are easier to keep an eye on. They also get the tools they need to reconcile transactions as they happen, so they always know where they stand in terms of profit and loss. This means that compiling their tax statement goes from taking hours to taking minutes. Landlords can already get our functionalities if they connect their bank accounts via open banking. In September we’ll launch our own current account, so all functionalities will be natively integrated and the whole experience will be even more seamless.”
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