Security deposit insurance company Rhino has entered into a definitive agreement to acquire the technology and assets of Deposify, a portfolio company of Sunriver Ventures, a cash deposit collection and compliance company for landlords and property managers across the U.S.
A combined offering, set to launch imminently after the transaction closes this year, will bring to market the first end-to-end deposit management and compliance platform to service more than $45 billion in cash deposits and security deposit insurance for 43 million rental homes nationwide across the entire rental industry, the company said in a press release.
Rhino pioneered security deposit insurance in 2017 and today services a six million home partner network. The company said it aims to increase trust and transparency between renters and landlords. To further advance this mission, Rhino is also launching Credit+, which will provide renters at partner communities with a means to build credit through on-time rent reporting.
Rhino’s new service will be available exclusively to renters through partners that use Rhino’s end-to-end deposit management platform, and will be free of charge to renters and property managers.