Nigerian startup Spleet raises $2.6 million to scale up its proptech solution
Spleet provides residential rent management and rent financing solution to tenants.
Nigerian proptech startup, Spleet has raised $2.6 million in a pre-seed round led by Los Angeles–based early-stage VC firm MaC Venture Capital.
Founded in 2018 by Akintola Adesanmi and Dolapo Adebayo, the company started out as a marketplace for tenants to connect with landlords and pay monthly rents, but after some iterations, it pivoted into an embedded finance solution. Now, Spleet provides a residential rent management and rent financing solution to tenants.
Spleet’s rent financing solution, dubbed Rent Now, Pay Later, allows renters to access no-collateral loans up to ₦3 million (~$6,000) with an interest of about 3.5% monthly to finance rent payments.
Since inception, Spleet has processed over $3.5 million in rent and onboarded over 35 individual and corporate landlords; the latter lists multiple housing units at once. Spleet has also housed over 1,000 tenants, and while that might seem small, the CEO pointed out that their average lifetime value is 26 months.
The proptech startup plans to strengthen its presence in the Nigerian rental market over the next 12 to 18 months, before expanding to other markets, particularly Kenya in East Africa.
