In the coming weeks, Hammock will release its FCA-regulated current account – a property-driven online financial account which has been designed for landlords and Build to Rent providers and property managers.
Hammock has raised £1m in seed investment from Fuel Ventures and Ascension Ventures to further develop its technology platform – in order to give financial clarity to landlords and save them time and money.
“Professionals in the Build to Rent sector know how time consuming and complex it is to manage a large flow of rent transactions from multiple tenancies across a portfolio of properties.”Manoj Varsani, Founder and CEO, Hammock
Hammock currently plugs into landlords’ bank accounts – via open banking – and automatically monitors rent collection, tracks payments and expenses, and delivers live analytical reporting on the wellbeing of each rental house or apartment. By providing instant tracking of balance sheets for each property, the tech platform can save Build to Rent landlords time while the real-time insights reduce uncertainty and inefficiencies.
“Hammock is helping the Build to Rent sector manage rent collections and bookkeeping through the use of advanced technology and current account services. Build to Rent companies can manage large scale rent collection with ease, as Hammock automates the process reducing the amount of admin significantly – saving both time and money. Hammock already has several Build to Rent clients who use us happily.”Manoj Varsani, Founder and CEO, Hammock
Hammock has been built in the Founders Factory Studio and now has 1,700 properties managed on its platform and is already tracking in excess of £7m in rent. Using the CEO and founder, Manoj Varsani’s own experiences of being a landlord, the platform has been designed with the landlords needs in mind and is using smart technology and open banking to make it easier to manage property finances.
“Ascension is really excited to be backing Manoj, who brings a really solid combination of deep business understanding of the problem he is trying to solve, coupled with the technical background to architect a compelling solution.”Jean de Fougerolles, Managing Partner, Ascension Ventures