Bike-ID Founder Launches New Real Estate Rental Platform That Guarantees All Payments to Owner
Risto Klausen, co-founder of the successful international startups Bike-ID and Inzmo, has launched CasaPay in cooperation with If Insurance – a unique real estate rental contract and payment platform in Europe that enables landlords to always receive full rental and utility payments and frees tenants from paying security deposits.
According to Risto Klausen, one of the main problems for landlords is tenants whose payment discipline is inconsistent and whom they essentially have to chase. "CasaPay first conducts an income analysis of the potential tenant, and the landlord gets the opportunity to choose a tenant based on objective data rather than gut feeling. Thorough background checks are also conducted for foreigners who have no local history and whose payment ability and behavior would otherwise be difficult to assess," said Klausen.
"Once a suitable tenant is selected, CasaPay guarantees in cooperation with If Insurance the full receipt of both rental and utility payments, regardless of whether the tenant pays. Insurance covers all payments for up to three months, even if the tenant were to lose their job and be unable to pay themselves, which creates greater peace of mind and a buffer for both parties," said Klausen.
According to CasaPay's founder, property insurance also covers costs of up to 15,000 euros in the event that something gets damaged in the apartment, without any lengthy discussions. "Property insurance also applies to tenants with pets and small children. Often people are reluctant to rent apartments to families with children or pets, or they ask for multiple times the security deposit, but in the future the need for a large deposit or separate insurance will disappear," added Klausen.
"Also, tenants no longer have to pay security deposits, which provides better opportunities for, for example, students or young people starting independent lives. In addition to the absence of security deposits, tenants in Estonia have the opportunity for the first time to pay rent in weekly installments, and at the same time all potential payment default risks are insured for the landlord," added Klausen.
"Our major goal is to make renting more affordable, safer, and certainly easier than before. Tenants can conveniently pay rental and utility bills with just a few clicks, and owners have a real-time overview that includes both contract validity and bill information," said Klausen.
"This kind of service doesn't exist anywhere else in Europe, and actually the market is global – our headquarters is in London and we're entering the Spanish market right away," added Risto Klausen.
CasaPay has been joined by major players in the Estonian rental market Kinnisvara24.ee, Uus Maa, Remax, Kurg & Korsten, Scandium Living, Kaanon, Raid & Co, and Laam Kinnisvara. Through partners, CasaPay services currently cover over 500 rental apartments. The legal analysis of the application was conducted by lawyers from law firms Hedman Partners and TARK Legal, and If Insurance is responsible for property insurance. CasaPay's founders and investors are experts with long-standing experience in the Estonian real estate sector and the Finnish investment fund Icebreaker.
