In the coming weeks, Hammock will release its FCA-regulated current account, the first property-driven online financial account of its kind which has been specifically designed for landlords and property managers. As the business grows and brings more properties online, Hammock will further expand the range of money and lending services.
“The UK is a country of renters with more than £85B collected each year. For landlords, the time spent trying to manage the monies for more than one property – from rent collection to bookkeeping – can cause headaches. I know this first hand being a landlord myself. We wanted to alleviate this by developing new tech that automates the mundane duties of managing property portfolios and provides instant insight into how well each house or flat is performing. Having this new investment allows us to pursue our vision of reducing uncertainty and providing efficiency to landlords, ultimately helping them maximise profits. These savings in both time and money can then be passed onto the tenants: a win-win for the industry.” – Manoj Varsani, founder and CEO, Hammock
Hammock currently plugs into landlord’s 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 flat. By providing instant tracking of balance sheets for each property Hammock is able to save landlords significant time, while the real-time insights reduce uncertainty and inefficiencies for landlords.