Tired of contractors being paid late?
Amsterdam-based Renno is tackling the €850B renovation market with a simple idea. Hold project funds in escrow and release payments only when milestones are met.
In Europe, around 95% of builders finance projects from personal savings, and 92% of projects face cash flow-related delays. Renno's platform lets homeowners and contractors set milestones, upload proof of completion, and trigger automatic payouts.
The startup has just raised a €1M pre-seed round from Altitude, Angel Invest, SeedX, and TipTop VC. Founders Mark Slaughter and Mourad Chennaoui plan to launch first in the Netherlands and Belgium, then expand to Germany, France, and the United Kingdom by 2026. With real estate renovation booming and trust still in short supply, escrow-as-a-service could easily become the default for home improvement projects.
Would you trust a contractor more if money stayed in escrow?
#fintechoftheday #proptech #escrow #renovation
Subscribe for Fintech of the Day. We handpick one fintech startup every day. Please don’t miss the next one and receive emails when new content is published!