Spleet: Redefining African Housing with PropTech

Spleet, a Nigerian-born proptech startup, is rapidly transforming the landscape of residential rentals across Africa. Founded in 2018 by Akintola Adesanmi, Dolapo Sangokoya, and Michael Adeyeri, Spleet recognized the pervasive challenges faced by renters in accessing affordable and flexible housing solutions. The company leverages technology to streamline the rental process, offering innovative solutions for both landlords and tenants, specifically tackling issues like upfront rent payments, tenant verification, and property management. Spleet’s platform provides a centralised hub where landlords can list their properties, manage tenants, and collect rent efficiently.

The traditional rental market in Nigeria and other African countries is often characterized by high barriers to entry, including demands for one or two years’ rent upfront. This creates a significant financial burden, particularly for young professionals and those with limited savings. Spleet directly addresses this issue by offering flexible rent payment options, including monthly or quarterly installments. The platform essentially deconstructs the traditional rigid payment structure, making housing more accessible and affordable. By utilizing technology, Spleet is modernising the rental ecosystem, bringing much-needed transparency and convenience to the market.

The core of Spleet’s proposition lies in its commitment to using technology to solve real-world problems within the housing market. From automated rent collection to digital lease agreements, the platform streamlines processes that are often cumbersome and time-consuming. The integration of data analytics further enhances the user experience, allowing for better decision-making and optimized property management. This technological approach allows Spleet to provide a more efficient and transparent rental experience compared to traditional methods.

Spleet’s initial focus was on addressing the acute housing challenges in Lagos, Nigeria. However, the founders quickly realized the problem was much wider across the African continent. The platform’s early success in Lagos served as a catalyst for expansion, proving the viability of its model and its relevance to a wider audience. The company has successfully scaled its operations beyond Nigeria, reaching markets like Kenya and Ghana.

The founding team’s understanding of the local market dynamics has been crucial to Spleet’s success. The ability to tailor its solutions to the specific needs of African renters has allowed the company to gain a competitive edge. Spleet understands the unique cultural and economic factors that influence the housing market in Africa, allowing it to offer relevant and effective solutions. They have prioritized building a user-friendly platform that caters to the needs of both landlords and tenants.

Beyond simply providing a rental platform, Spleet is actively involved in creating a more inclusive and equitable housing market. By reducing financial barriers and promoting transparency, the company is empowering individuals and families to access safe and affordable housing. This commitment to social impact is a key differentiator for Spleet and contributes to its positive reputation in the market.

Spleet’s impact extends beyond individual renters and landlords. The company is also contributing to the growth of the broader proptech ecosystem in Africa. By demonstrating the power of technology to address housing challenges, Spleet is inspiring other entrepreneurs and investors to explore innovative solutions in the real estate sector.

Spleet is driving a significant change in the way people access housing in Africa. The company’s innovative solutions and commitment to social impact are transforming the rental market and creating new opportunities for renters and landlords alike. This impact is expected to grow as Spleet continues to expand its operations and innovate in the proptech space.

Mobility & Flexible Living Drive Spleet’s Growth

The rise of remote work and increased mobility is fueling the demand for flexible living arrangements, and Spleet is perfectly positioned to capitalize on this trend. The company’s platform allows renters to access short-term and long-term leases with ease, catering to the needs of individuals and families who are constantly on the move. This agility is a key differentiator for Spleet and contributes significantly to its growth trajectory.

Spleet recognizes that the traditional rental market is not designed to accommodate the needs of today’s mobile workforce. The platform offers a range of options, from shared apartments to individual units, with flexible lease terms that can be tailored to individual needs. This adaptability allows renters to find housing solutions that align with their lifestyle and professional requirements.

The increasing popularity of co-living spaces is another factor driving Spleet’s growth. The platform allows renters to find and secure co-living arrangements with ease, providing access to shared amenities and a sense of community. This is particularly appealing to young professionals who are looking for affordable and convenient housing options.

Spleet’s mobile-first approach makes it easy for renters to search for properties, communicate with landlords, and manage their leases from anywhere in the world. This convenience is particularly appealing to digital nomads and remote workers who are constantly on the move. The platform is designed to be user-friendly and accessible, ensuring that renters can easily find and secure housing no matter their location.

The demand for flexible housing is not limited to young professionals and remote workers. Families and individuals who are relocating for work or personal reasons also benefit from Spleet’s flexible leasing options. The platform provides a convenient way to find temporary housing while they search for more permanent accommodation.

Spleet’s focus on mobility and flexibility is not only beneficial to renters but also to landlords. The platform allows landlords to attract a wider pool of potential tenants, including those who are looking for short-term or flexible lease arrangements. This can help landlords to increase occupancy rates and maximize their rental income.

The COVID-19 pandemic further accelerated the demand for flexible living arrangements, as many people were forced to relocate or work from home. Spleet was well-positioned to meet this demand, providing renters with access to a wide range of housing options that could be tailored to their specific needs.

Spleet’s growth is directly linked to its ability to cater to the evolving needs of renters in a rapidly changing world. The company’s commitment to mobility and flexibility is a key differentiator and positions it for continued success in the years to come.

How Spleet’s Rent-Sharing Model Increases Affordability

Spleet’s rent-sharing model is a game-changer for affordability, directly tackling the challenge of high upfront rental costs that burden many Nigerians. By allowing tenants to split rent payments into manageable installments, Spleet significantly lowers the barriers to entry for accessing quality housing. This model not only benefits renters but also empowers landlords by ensuring consistent and timely rent collection.

The traditional rental system in Nigeria often requires tenants to pay one or two years’ rent upfront, a sum that is out of reach for many. Spleet’s rent-sharing model breaks down this large upfront payment into smaller, more affordable monthly or quarterly installments. This allows tenants to budget effectively and avoid the need to take out high-interest loans or rely on family and friends for financial assistance.

Spleet’s rent-sharing model works by partnering with landlords and offering them a guarantee of timely rent payments. The platform facilitates the collection of rent installments from tenants and ensures that landlords receive their payments on time, regardless of whether the tenant has paid their installment. This provides landlords with financial security and reduces the risk of vacancy.

The affordability of Spleet’s rent-sharing model makes quality housing accessible to a wider range of people, including young professionals, students, and families with limited income. This has a positive impact on social mobility and economic empowerment, allowing more people to pursue their goals and improve their quality of life.

Spleet’s model has particularly benefited young professionals who are just starting their careers and may not have the savings required to pay for traditional rental arrangements. The platform allows them to secure quality housing in desirable locations without breaking the bank.

For landlords, Spleet’s rent-sharing model provides several benefits, including reduced vacancy rates, guaranteed rent payments, and streamlined property management. The platform also handles tenant screening and rent collection, freeing up landlords to focus on other aspects of their business.

The rent-sharing model is not only affordable but also convenient for both renters and landlords. The platform automates rent collection and provides a secure online portal for managing leases and payments. This reduces the administrative burden for both parties and ensures a seamless rental experience.

By making housing more affordable and accessible, Spleet is contributing to a more equitable and inclusive society. The company’s innovative rent-sharing model is transforming the rental market in Nigeria and other African countries, creating new opportunities for renters and landlords alike.

Spleet’s Data-Driven Approach to Tenant Screening

Spleet distinguishes itself through its rigorous, data-driven approach to tenant screening, mitigating risks for landlords and fostering trust within the rental ecosystem. The platform leverages a range of data points and verification processes to assess the creditworthiness and reliability of potential tenants, ultimately leading to more secure and stable rental agreements.

Spleet employs a multi-faceted tenant screening process that goes beyond traditional credit checks. The platform utilizes data from various sources, including credit bureaus, employment records, social media profiles, and personal references, to create a comprehensive risk assessment profile for each applicant. This holistic approach provides a more accurate picture of a tenant’s ability to meet their financial obligations and adhere to the terms of the lease.

The platform’s tenant screening process also includes identity verification to prevent fraud and ensure that tenants are who they claim to be. Spleet utilizes biometric data and other security measures to verify the identity of applicants and prevent impersonation.

Spleet’s data-driven approach to tenant screening benefits landlords by reducing the risk of rent arrears, property damage, and eviction proceedings. By selecting reliable and responsible tenants, landlords can increase their occupancy rates, minimize their expenses, and ensure a more stable rental income.

The platform’s screening process also benefits tenants by creating a more transparent and fair rental market. By providing accurate and comprehensive information about their financial history and background, tenants can increase their chances of being approved for a rental property and secure favorable lease terms.

Spleet’s data-driven approach to tenant screening is not only more effective but also more efficient than traditional methods. The platform automates the screening process, saving landlords time and resources. This allows landlords to focus on other aspects of their business, such as property management and tenant relations.

The platform’s data analytics capabilities also enable Spleet to identify and mitigate emerging risks in the rental market. By tracking trends in tenant behavior and payment patterns, Spleet can proactively identify potential problems and take steps to prevent them.

Spleet’s commitment to data security and privacy is paramount. The platform adheres to strict data protection regulations and employs advanced security measures to protect the personal information of both tenants and landlords.

By leveraging data and technology, Spleet is creating a more secure and transparent rental ecosystem for both landlords and tenants. The company’s data-driven approach to tenant screening is setting a new standard for the industry and contributing to a more stable and reliable rental market.

Partnerships Expanding Spleet’s Reach Across Africa

Strategic partnerships are integral to Spleet’s growth strategy, enabling the company to extend its reach across Africa and tap into new markets. By collaborating with established businesses, financial institutions, and government agencies, Spleet is accelerating its expansion and solidifying its position as a leading proptech player on the continent.

Spleet has forged partnerships with several leading banks and financial institutions to provide financing options for tenants and landlords. These partnerships enable tenants to access affordable loans for rent payments and landlords to secure financing for property improvements. This enhances the accessibility and affordability of Spleet’s platform.

The company has also partnered with real estate developers and property management companies to integrate its platform into their existing operations. This allows Spleet to access a larger pool of properties and tenants, expanding its reach and market share. These partnerships provide valuable exposure for Spleet and allow the company to leverage the expertise of established players in the real estate industry.

Spleet has also partnered with government agencies to support affordable housing initiatives and promote financial inclusion. These partnerships enable Spleet to contribute to the development of sustainable housing solutions and improve the lives of people across Africa.

The partnerships enable Spleet to leverage the resources and expertise of its partners, accelerating its growth and expanding its impact. By collaborating with established businesses and organizations, Spleet can reach a wider audience, access new markets, and develop innovative solutions to address the challenges facing the housing market in Africa.

An example is Spleet’s partnership with a large telecommunications company in Nigeria, which allowed the platform to reach a vast network of potential tenants through mobile marketing campaigns. This partnership significantly increased Spleet’s brand awareness and generated a surge in user registrations.

Another strategic partnership involves collaborating with a microfinance institution to provide small loans to tenants who are struggling to pay their rent. This partnership helps to prevent evictions and ensures that tenants have access to safe and stable housing.

Spleet actively seeks out partnerships that align with its mission and values. The company prioritizes collaborations that are mutually beneficial and contribute to the development of a more equitable and sustainable housing market.

Spleet’s success in building and maintaining strong partnerships is a testament to its commitment to collaboration and innovation. The company recognizes that partnerships are essential for driving growth and achieving its long-term goals.

Addressing Housing Market Challenges with Technology

Spleet is deploying technology to tackle some of the most pressing challenges facing the African housing market, including affordability, transparency, and access to financing. The platform’s innovative solutions are streamlining the rental process, reducing costs, and empowering both renters and landlords.

The platform’s automated rent collection and payment processing systems reduce the risk of fraud and ensure that landlords receive their rent payments on time. This provides landlords with financial security and reduces the need for costly legal proceedings.

Spleet’s data analytics capabilities provide valuable insights into the housing market, enabling landlords to make informed decisions about pricing, tenant selection, and property management. This helps landlords to maximize their rental income and minimize their expenses.

The platform’s online property listings and virtual tours make it easier for tenants to find suitable housing options, regardless of their location. This reduces the time and cost associated with traditional property search methods.

Spleet is also leveraging technology to improve the transparency and accountability of the rental process. The platform provides tenants with access to clear and concise lease agreements, as well as tools for tracking their rent payments and communicating with their landlords.

The company is also exploring the use of blockchain technology to create a more secure and transparent rental ecosystem. Blockchain technology can be used to verify tenant identities, track property ownership, and facilitate secure rent payments.

Spleet’s commitment to innovation is evident in its ongoing efforts to develop new and improved solutions for the housing market. The company is constantly experimenting with new technologies and approaches to address the evolving needs of renters and landlords.

The platform’s mobile-first approach makes it easy for renters and landlords to access its services from anywhere in the world. This is particularly important in Africa, where mobile phone penetration is high and access to traditional internet infrastructure is limited.

Spleet’s efforts to address housing market challenges with technology are contributing to a more efficient, transparent, and equitable rental ecosystem. The company’s innovative solutions are empowering renters and landlords alike and driving positive change across the continent.

Spleet’s Vision: A Future of Seamless Rental Experiences

Spleet envisions a future where renting a home is a seamless and hassle-free experience for everyone. The company is working to create a platform that connects renters and landlords in a transparent, efficient, and equitable manner, removing the traditional pain points associated with the rental process.

Spleet aims to eliminate the need for large upfront rent payments, making housing more affordable and accessible to a wider range of people. The company is committed to providing flexible payment options that meet the needs of both renters and landlords.

The company is also working to simplify the tenant screening process, making it easier for landlords to find reliable and responsible tenants. Spleet’s data-driven approach to tenant screening helps to reduce the risk of rent arrears and property damage.

Spleet envisions a future where all rental agreements are clear, concise, and easily accessible online. The company is committed to providing tenants with the information they need to make informed decisions about their housing.

The platform’s mobile-first approach ensures that renters and landlords can access its services from anywhere in the world. This is particularly important in Africa, where mobile phone penetration is high and access to traditional internet infrastructure is limited.

Spleet is committed to providing excellent customer service and support to both renters and landlords. The company’s dedicated team of customer service representatives is available to answer questions and resolve issues quickly and efficiently.

The company is also working to promote sustainable housing practices and reduce the environmental impact of the rental industry. Spleet encourages landlords to invest in energy-efficient appliances and implement other environmentally friendly practices.

Spleet’s vision for the future of renting is ambitious but achievable. The company’s commitment to innovation, collaboration, and social impact is driving positive change in the housing market and creating new opportunities for renters and landlords alike.

Investors Bet on Spleet’s Pan-African Expansion Plans

Investors are increasingly betting on Spleet’s vision for a pan-African expansion, recognizing the company’s potential to disrupt the rental market across the continent. The company has secured significant funding from leading venture capital firms, enabling it to expand its operations, develop new products, and scale its impact.

Spleet’s recent funding rounds have been led by prominent investors who have a proven track record of supporting successful startups in Africa. This demonstrates the confidence that investors have in Spleet’s team, technology, and business model.

The funding has been used to expand Spleet’s operations into new markets, including Kenya and Ghana. The company plans to continue expanding its reach across Africa in the coming years, targeting countries with large and growing rental markets.

Spleet is also using the funding to develop new products and features that will further enhance the rental experience for both renters and landlords. This includes the development of a mobile app, as well as new tools for tenant screening and property management.

Investors are particularly attracted to Spleet’s data-driven approach to solving the challenges facing the housing market in Africa. The company’s ability to leverage data to improve the efficiency, transparency, and equity of the rental process is a key differentiator.

The investors recognize Spleet’s focus on social impact, specifically the company’s efforts to make housing more affordable and accessible to low-income individuals and families. This aligns with a growing trend among investors to support businesses that are making a positive contribution to society.

An example is the investment made by a pan-African venture capital fund that specializes in supporting startups that are using technology to address social and economic challenges. This investment has enabled Spleet to expand its operations into underserved communities and provide affordable housing options to vulnerable populations.

Spleet’s success in attracting investment is a testament to its strong team, innovative technology, and clear vision for the future of renting in Africa. The company is well-positioned to continue its rapid growth and disrupt the rental market across the continent.