Proptech company Rhino, which is one of the firms effectively using a form of insurance to potentially replace a cash security deposit, announced that it's buying the technology and assets of Deposify, which provides cash deposit collection and compliance for landlords and property managers, according to a press release.
The point of the purchase is a "end-to-end deposit management and compliance platform to service more than $45 billion in cash deposits and security deposit insurance for 43 million rental homes nationwide across the entire rental industry."
In any business, compliance is, to some degree or another, a necessary pain. For residential rentals, states government requirements on how to handle security deposits—how large they can be, how they are to be held, conditions for returning, and so on.
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