Flatfair, a U.K.-based startup that helps tenants sign rental leases without the need for large security deposits, said that it raised $11 million in Series A funding led by Index Ventures, according to a company blogpost.

Other participants in the round include Revolt Ventures, Adevinta, OneFineStay founder Greg Marsh, former Savillis CEO Jeremy Helsby and TransferWise founder Taavet Hinrikus. 

The company allows tenants to sign up for a Flatfair membership fee through an online portal or mobile app, leave a debit card on file, and if there are any disputes at the end of the lease period, the company will arrange an independent arbitrator to resolve the dispute. 

The funding will be used to expand the platform, including a major expansion of staff from about 25 currently to about 100 employees by the end of the year. The company told Mobile Payments Today that it plans to hire new data scientists, engineers and business development specialists to help grow the platform. 

"Like much of Britain's housing stock, its rental sector is stuck in the Victorian era," Franz Doerr, chief executive of Flatfair, said in a blogpost. "Thankfully, cutting edge payment technology can boost transparency, build trust and make instant move-ins a possibility."

The company so far has registered more than 10,000 tenancies and has forecasted more than $18 million in revenue over the next 12 months. 

Cover image courtesy of Flatfair.