My old school, Bryanston in Dorset, runs days when old lags like me can meet young bucks with bright ideas. A couple of years ago I went to a presentation by a firm called Bunk – whose founders , fresh out of college came from my school.
They talked about the application of the Blockchain to make Landlords and Tenants go through the rigmarole of agreements and deposits at a rate of knots. It sounded plausible and like so many of these things, I went back to the day job wishing them well but expecting to hear no more.
So little faith
And then this. Bunk has got the backing of Nationwide Building Society.
Tony Prestedge, Deputy Chief Executive at Nationwide Building Society, said:
“Nationwide is one of the biggest Buy-to-Let lenders in the UK and we have long campaigned to improve standards within the rental sector for both tenants and landlords. Bunk is combining the latest digital technology backed up with human service to not only offer a seamless digital experience but also reduce friction in the rental market between tenants and landlords.”
“Many landlords choose to manage their portfolio on their own, the service that Bunk offers could support them, ensuring they’re on top of their obligations and providing a better service to their tenants. They are a natural fit for our Venturing Fund investment, which seeks to fund start-ups that are focussed on making people’s lives easier through smart insights and fair practice.”
Tom Woollard, CEO at Bunk, said:
“We want to build something the rental market has never seen before. Landlords are facing reduced margins coupled with increased regulation and there has never been a better time to make their lives easier through the use of technology. Bunk is there to make the process less stressful and more enjoyable for both renters and landlords. Bunk’s mission is to make renting work for everyone and we’re thrilled to have a partner like Nationwide backing our vision.”
It’s not just Nationwide, Bunk has teamed up with Experian so that young people who pay their rent on time find it that much easier to get the credit to buy their place.
Good for Nationwide, for Bunk and for young people.
Helping young people – out of college – is precisely what we should all be doing. AgeWage has need of such people so as an employer, I benefit from Bunk and will make sure my youngsters know all about it.
AgeWage has also had dealings with the Nationwide who have offered us a lot of advice and support as we get started. Their attitude to Venturing is quite different from other VCs we have talked to . They say they fund start-ups that are focussed on making people’s lives easier through smart insights and fair practice. This is exactly how we’ve found them.
So good luck to Tom and Harry and Eden and everyone at Bunk! May you prosper.