Rhino and Jetty, the two pioneers of security deposit insurance, announced their merger today, instantly creating the largest security deposit platform in the U.S. rental housing market. Terms of the transaction were not disclosed. “From the moment we started discussions, it was clear that combining our strengths would transform the rental housing market,” remarked Georges Clement, COO of Rhino and incoming CEO of the combined company. “By uniting our technological capabilities and comprehensive product suites, we’re making housing more accessible and affordable for millions of renters nationwide.”
From the moment we started discussions, it was clear that combining our strengths would transform the rental housing market. By uniting our technological capabilities and comprehensive product suites, we’re making housing more accessible and affordable for millions of renters nationwide. – Georges Clement
The merger unites two established companies serving over 6 million rental units. Prior to the merger, Rhino had raised $140.8M in total funding, while Jetty had secured $121.3M in funding. The combined company has helped renters retain over $4B in move-in costs, providing a solution to the growing challenge of upfront housing expenses facing American renters. As part of the merger, Rhino and Jetty’s platforms will be integrated to offer a comprehensive suite of solutions including security deposit insurance, cash deposit management, renters insurance, guarantor coverage, and loss of employment insurance.
Georges Clement, currently Rhino’s COO, will lead the combined company as CEO. With an extensive background in housing technology, Clement will drive the company’s mission to make move-in more affordable for millions of renters. Ben Lantos, cofounder of Rhino, will serve as a Senior Advisor to the combined company. Michael Rudoy, cofounder of Jetty, will join the company’s Board of Directors.
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