Probably wondering how SmallSmall is using proptech to improve Nigeria, It’s easy and here you will get all the information needed. With SmallSmall, you can move into a new house without paying completely but in installments.
Now SmallSmall is improving the lives of Nigerians who find it difficult to rent a property, Buy a property, and stay in a property. These three categories are currently the main focus of the startup, these products are titled RentSmallSmall, Buy2Let, and StayOne.
SmallSmall launched in early July 2022 and secured a $3 Million seed round to expand across other major cities in Nigeria which includes; port Harcourt, Enugu, Jos, and others respectively before the end of 2023.
The property tech startup, SmallSmall used less than weeks to rebrand from RentSmallSmall to SmallSmall after launching.
SmallSmall is using its products to eliminate the hardships that come with renting, buying, listing, or staying in a home.
Renters can use SmallSmall to make regular rent payments, while landlords can use it to screen tenants, raise their income, and manage their properties.
Over 476,000 people have registered on SmallSmall since it launched; 80,000 of those customers are on a waiting list, while only 1,500 of the registered users have had access to the platform’s offerings.
The proptech has processed over 25,000 monthly leases in Lagos and Abuja, which indicates that the average SmallSmall user uses the platform for 17 months on average.
According to SmallSmall, their rent default rate was under 7%, saving both tenants and property owners over $1.2 million in broker costs and over $1.5 million in damages.
Tunde Balogun, SmallSmall CEO and Co-founder say people enjoy paying rent monthly according to their survey.
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