InsurTech Rhino unveils Deposit Management, Compliance Platform in US

By Gloria Methri

Rhino, a New York City-based InsurTech company pioneering security deposit insurance has announced the launch of Rhino+, the rental industry’s first end-to-end deposit management, and compliance platform.

Thousands of renters at properties across the country will now have a seamless, digital experience to satisfy their security deposit requirement via their choice of cash deposit or Rhino’s security deposit insurance. Rhino+ aims to address the demand from landlords and property managers to reduce the friction presented by security deposits and associated compliance challenges in markets across the country.

“The process for security deposits has been a thorn in the side of property owners and renters alike for decades,” said Rhino Co-Founder and CEO Paraag Sarva. “Rhino+ is the first digital security deposit platform for owners and operators who want faster leasing, automated compliance, and affordable deposit options. And renters can forgo cashier’s checks and have the type of digital-first experience they expect of any transaction.”

The launch of Rhino+ follows the company’s recent announcement of Credit+, a service that helps renters build credit through on-time rent reporting, as well as Rhino’s acquisition of Deposify. Rhino also recently released its 2023 State of Multifamily Housing Report, offering industry insights on rental growth, inflation, and housing affordability.

Launched in 2017, the company tackles the housing affordability crisis in America by replacing cash security deposits with smart, affordable insurance so that American renters can maintain control of their cash. Its flagship product, security deposit insurance, acts as a direct replacement for a cash security deposit.

Since 2017, Rhino says its innovations have saved renters over $1 billion in upfront move-in costs and helped drive down operational costs for over 2,500 landlords and property managers, a network managing six million rental homes and over 14% of the U.S. rental market.