Depofy (Rent without deposit)

Depofy provides a deposit replacement service for the UK rental market, designed to make renting more accessible and affordable for tenants while still offering financial protection to landlords. Instead of a large, traditional cash deposit, tenants pay a smaller, non-refundable fee (equivalent to one week's rent) to Depofy. In return, Depofy provides a guarantee to the landlord covering potential costs like unpaid rent or damages, up to the value of a standard five-week deposit. The company partners with letting agents and landlords to integrate this alternative into the rental process, aiming to reduce the financial burden on tenants at the start of a new lease.