Combined Company Serves over 6 Million Rental Units Nationwide, Offering Renters Affordable Deposit Alternatives at Move-In
NEW YORK, Feb. 6, 2025 /PRNewswire/ — Rhino and Jetty, the two pioneers of security deposit insurance, announced their merger today, instantly creating the largest security deposit platform in the U.S. rental housing market.
The merger unites two established companies that serve more than 6 million rental units. The combined company has helped renters retain over $4 billion in move-in costs, providing a solution to the growing challenge of upfront housing expenses facing American renters.
By joining forces, the companies create a profitable venture that partners with 47 of the NMHC’s top 100 property owners, including industry leaders like Greystar, Highmark Residential, UDR Apartments, and Morgan Properties. This consolidation comes at a critical time: Average moving costs exceed $5,000, and the typical American can’t afford a $1,000 emergency expense, making affordable financial solutions at move-in more essential than ever.
“Six years ago, renters had no choice but to pay a cash deposit. Rhino and Jetty pioneered this category, creating a new standard for the industry. It’s fitting to bring these companies together as security deposit insurance becomes the norm across American rental housing,” says Alex Fiance, Rhino Chairman and Co-CEO of Kairos.
The merger will accelerate the company’s ability to grow the security deposit alternative market while expanding its suite of move-in solutions, including cash deposit management, renters insurance, guarantor coverage, and loss of employment insurance.
“Security deposit alternatives have become a central part of leasing and key to our ability to maintain velocity and keep occupancy high. Our renters love this. It’s become the expectation,” says Gina Glorioso, Head of Operations at Highmark Residential.
The combined company will bring together their insurance partners including AmTrust Financial Services, Inc. and The Fortegra Group, Inc., and will add new board members, Barry Karfunkel, co-founder of Adir Ventures and former CEO of National General, and James Garvey, founder and former CEO of Self Financial.
“This merger combines our technological innovations and product strengths to deliver what our partners have consistently requested: a comprehensive suite of solutions that simplifies the entire rental process for both residents and property managers,” said Michael Rudoy, co-founder of Jetty.
Operating from their New York headquarters, Rhino and Jetty will continue to offer both product suites, ensuring seamless service for existing partners while leveraging their combined resources to drive innovation.
Georges Clement, currently Rhino’s COO, will lead the combined company as CEO. With an extensive background in housing policy and technology, Clement will drive the company’s mission to make move-in more affordable for millions of renters. Ben Lantos, co-founder of Rhino, will serve as a Senior Advisor to the combined company. Michael Rudoy will join the company’s Board of Directors.
For more information about the merger and available solutions, visit www.sayrhino.com or www.jetty.com
About Rhino
Rhino is making housing more affordable and accessible for millions of renters every year with the industry’s leading security deposit platform. Founded in 2017, Rhino pioneered security deposit insurance, allowing renters to replace costly upfront deposits with a low-cost insurance policy while ensuring property owners are protected. In 2024, Rhino expanded its platform with end-to-end deposit management, streamlining how security deposits and insurance solutions are administered. Today, Rhino’s comprehensive suite of products – including security deposit insurance, cash security deposit management, lease guarantees, renters insurance, and loss of employment insurance – continues to transform the renting experience, making moving easier, more affordable, and more transparent for all. Learn more at www.sayrhino.com.
Press Contact
Lauren Doyle
ldoyle@sayrhino.com
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SOURCE Rhino
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