Speaking of IPOs, deposit-insurance startup Rhino raised $95m in funding, tripling its valuation to half a billion dollars. The company’s goal is to provide insurance alternatives to conventional security deposits as a way to make the housing system more affordable to Americans. Rhino was founded in 2017 and while security-deposit insurance “is still in its early days,” according to a Tiger Global Management partner, the investment fund leading the investment round, believes it is becoming “an increasingly popular product for renters.”
Housing affordability is a huge issue in the US, and younger generations are increasingly looking towards alternatives that will allow them to climb the property ladder. And so, it’s only natural that Rhino’s primary customers are millennials, with the great majority being 39 years old or younger.
Their latest funding will allow them to expand their services and offer lending and savings products, as well as renter’s insurance. Rhino’s contracted annual recurring revenue grew from $4m to $60m in a matter of two years, and the company is now reportedly seeking to IPO.