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Why We Invested in Spleet

Spleet is addressing one of the most pressing pain points in the African rental market - flexible rent payment options. In many cases, tenants are forced to source funds to pay a full year's rent upfront, which can be a huge financial burden.

Spleet's platform enables landlords to offer flexible rent payment options to tenants, while also providing the landlord with peace of mind that the rent will be paid on time. This is a win-win for both parties involved, and we're excited to see how Spleet will continue to grow in the African rental market.

According to current estimates, 10.8 million Nigerian households bring in more than $5000 a year each, classifying them as upper-middle and above. With such a large number of prosperous earners already present in the country, it is projected that this figure will double by 2030 - with 230 thousand of young professionals aged 25 - 35 raking in incomes between the brackets of $5000 and $10 000 annually! 

Given these figures, it is estimated that the rental market in Nigeria alone currently stands at a colossal $9 billion. 

What's next for Spleet?

Spleet is expanding its product offerings to include Collect, a service that automatically receives rent payments on behalf of landlords; Verify, a tool that enables landlords and real estate agents to vet and carry out adequate background checks on tenants and Rent Now Pay Later, a no collateral, affordable-interest rate rental loan product.

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