VC investor backs buy-to-let fintech GetGround
Summary
It is designed to simplify the process for buy-to-let landlords by allowing them to create and manage companies through which they can purchase properties. By putting their property portfolios into a company, Moubin (pictured) explained, “buy-to-let investors can buy with business partners, change ownership in the future, and get access to more mortgage options.” GetGround’s platform, built on modules, provides investors with a current account to manage rental income and expenses, accounting tools to process tax returns, secretarial services, and takes care of company formation. The start-up integrates with an array of UK fintechs, including identity checker Onfido, cross-border payments firm Currencycloud, and banking provider Modulr. With property worth £500m on its platform today, Moubin anticipates doubling this figure to £1bn “in the next few months”, averaging month-on-month growth of 20 per cent. The pair said they had spotted an opportunity in the buy-to-let market, which has undergone significant change since 2016 with the enforcement of stamp duty surcharges and mortgage tax relief withdrawals complicating the business for landlords and whittling down their profits.