RentalStep will use the funding from the Treasury to further develop its online platform, which connects tenants and landlords, helping them to communicate with each other and save money and for tenants

Liverpool start-up business RentalStep has secured £350,000 from the Government to help renters boost their credit scores, access credit and get on the housing ladder.

RentalStep will use the funding, which has come via the Treasury, to further develop its online platform, which connects tenants and landlords, helping them to communicate with each other, save money and for tenants, boost their credit score.

The Treasury has awarded the money as part of the Rent Recognition Challenge, which was announced by the Government during last year’s Autumn Budget.

The challenge tasked entrepreneurs to create a simple way for renters to record and share their rent payment data and improve their credit score, which would increase their likelihood of being accepted for a mortgage should they take their first step on the housing ladder. 

After six entrepreneurs originally competed to win a slice of the £2m prize fund, three companies have been successful, with RentalStep being the only winner based outside of London.

The winners were chosen by an expert panel of judges, which was made up of business leaders industry professionals including Paul Smee, director of mortgages at UK Finance and Eileen Burbidge, the Treasury’s FinTech envoy.

RentalStep will be also be using some of the funding to expand the company’s development team, as well as add new features, which will make the platform even more essential for both landlords and tenants.

Mike Georgeson, founder and chief executive of RentalStep, said: “We have developed the platform to help the millions of renters out there who are dreaming of one day owning their own home, as well landlords who yearn for a hassle-free renting experience.

“RentalStep is the perfect antidote to an old fashioned and over-complicated renting market and uses technology to make things easier for both tenants and landlords. As well as improving credit scores, we also have a communications system and offer free referencing, free credit checks and free tenancy agreements.”

Click here to find out more about RentalStep.