back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

InsurTech Rhino secures $95 mn investment, targets $500 mn in direct savings for renters in 2021

By Pavithra R

January 28, 2021

  • India
  • Insurtech
Share

Paraag Sarva, CEO at Rhino

Rhino, a New York City-based insurtech company pioneering security deposit insurance, has announced securing $95 mn in funding led by investment firm Tiger Global Management.

The funding round also includes existing major investors, Kairos and Lakestar VC, as well as Lakehouse VC and additional strategically aligned insurance and real estate investors.. The financing comes as Rhino plans an ambitious expansion, building on its growth in recent years. Launched in 2017, Rhino tackles the housing affordability crisis in America by replacing cash security deposits with smart, affordable insurance so that 110 million American renters can maintain control of their cash. It’s flagship product, security deposit insurance, acts as a direct replacement for a cash security deposit.

Over the past 18 months, Rhino has helped American renters and their families save over $250 mn. The firm has seen a 1,500% growth in Contracted Annual Recurring Revenue (ARR), from $4 mn in January 2019 to $60mn in January 2021. The InsurTech plans to scale its expansion in 2021, targeting over $500 mn in direct savings for renters and doubling its headcount to over 200 employees.

“Putting renters first in our business has given us the opportunity to become renter advocates at a national level. We advocate for renter-friendly legislation like Renter’s Choice because nearly half of Americans are unable to afford a $400 emergency expense and that makes housing affordability one of the most pressing issues in America right now. With $45 billion sitting locked away in escrow accounts, unusable for both renters and property owners alike, we need common-sense legislation that can put that money back into the pockets of people who need it the most–renters,” said Paraag Sarva, CEO at Rhino.

Rhino is planning to invest its latest funding in continuing to help renters achieve financial freedom by increasing its availability through partnerships with property owners, advocating for renter-friendly legislation at the city, state, and federal levels, and bringing new products to market.

“We are excited to support the Rhino team. Security deposit insurance is still in its early days, but we believe it will become an increasingly popular product for renters,” said Scott Shleifer, Partner at Tiger Global Management.

Previous Article

January 28, 2021

Fenergo rolls out KYC for Salesforce on Salesforce AppExchange

Read More
Next Article

January 28, 2021

Swaminathan J and Ashwini Kumar Tewari take charge as MDs of SBI

Read More










IBSi Daily News Analysis

The Weekly Wrap

October 07, 2022

India

The Weekly Wrap: all you need to know by Friday COB | Oct 7th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 06, 2022

Amazon announces Amazon Catalytic Capital for underrepresented entrepreneurs

Read More

October 06, 2022

Yethi Consulting raises Series A equity funding

Read More

October 06, 2022

Ardian and iCapital partner to broaden private markets investment access for wealth managers

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022