" class="no-js "lang="en-US"> Fronted and Yorlet partner to offer renters a lifetime deposit - Fintech Finance
Sunday, September 24, 2023

Fronted and Yorlet partner to offer renters a lifetime deposit

Tenants letting properties via the Yorlet platform can now transfer their deposit to their new home, avoiding the need to save for a whole new deposit.

The partnership, which has launched, will allow businesses running on Yorlet to offer their consumers Fronted’s flexible deposit payment option. Tenants who need to pay a deposit via Yorlet’s web portal will now see another way to pay: “transfer a deposit.”

Yorlet is also making Fronted a new payment method through its API, enabling other businesses to easily offer Fronted as a payment option in their own platform.

Fronted verifies that the tenant has a deposit protected in a deposit scheme. Once verified, Fronted sets a credit limit for the renter equal to their old deposit. The tenant “tops up the difference if their new deposit is larger than their old, then Fronted pays the full deposit to the new landlord or agent. The tenant has 90 days to repay the balance.

Fronted’s lifetime deposit aims to smooth renters’ financial burden when moving. Their customers say Fronted helped them move sooner than they thought they could and felt more financially secure during the moving process.

“We are pleased to go live as a payment option in Yorlet’s platform”, Jamie Campbell, co-founder of Fronted, “renters are feeling the sting of the cost of living crisis and in some cases are ‘locked in’ to houses they no longer want to rent. We’re pleased to work together to free up more people to move more easily.”

“We’re thrilled to partner with Fronted so that businesses on Yorlet in the UK can offer increased deposit payment flexibility,” said Will Stenhouse, Co-founder at Yorlet. “Fronted’s Lifetime Deposit is not only a powerful new tool for businesses. It also helps ease the financial burden many renters face by having to tie up their money twice.”

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