Spleet

High-Level Overview

Spleet is a Nigerian proptech startup founded in 2018 that operates as a subscription-based living platform, partnering with apartment owners to list properties and enabling renters to pay rent flexibly on daily, monthly, quarterly, or biannual terms.[1][2][3][4] It serves tenants seeking affordable access to premium residential spaces in high-cost markets like Lagos and landlords needing automated rent collection and tenant verification, solving the widespread problem of advance annual rent payments that burden renters in Nigeria.[1][3] Additional products like Collect (automated rent receipt) and Verify (tenant background checks with KYC) enhance its offerings; the company has processed over $3.5 million in rent, onboarded 35+ landlords, and housed 1,000+ tenants with an average lifetime value of 26 months, despite 68,000+ unfulfilled requests signaling strong demand.[1]

Origin Story

Spleet emerged from the personal challenges of its co-founders, Dolapo Adebayo and Akintola Adesanmi, who met in 2018 after Adebayo returned to Nigeria from the U.K. and struggled to find an apartment amid rigid annual rent demands.[1][3] Adesanmi, with years in Nigeria's banking and fintech sectors plus a family real estate background, provided crucial landlord networks to launch listings; this enabled proper tenant verification and automated collections from day one.[1] The duo bootstrapped for 18 months, achieving solid unit economics, before raising $265,000 from family and friends, which fueled early traction as a four-year-old startup by 2022.[1]

Core Differentiators

• Flexible Payment Model: Unlike traditional annual upfront rents, Spleet offers daily, monthly, quarterly, or biannual subscriptions, making premium housing accessible to average renters in pricey markets like Lagos.[1][2][3][4]
• Landlord Tools: Services like Collect for automated payments and Verify for KYC-backed tenant vetting reduce risks and streamline operations, leveraging Adesanmi's networks for quick onboarding of 35+ individual and corporate landlords.[1]
• Proptech-Fintech Hybrid: Combines property listings with fintech for seamless, cost-effective transactions, processing $3.5M+ in rent while maintaining high tenant retention (26-month average LTV).[1][3]
• Scalable Traction: Bootstrapped to profitability metrics before scaling, with 68,000+ unfulfilled requests highlighting unmet demand despite selective, premium listings.[1]

Role in the Broader Tech Landscape

Spleet rides the proptech wave in Africa, where high upfront rents (often a year's worth) exclude middle-class renters amid urbanization and housing shortages in cities like Lagos.[1][3] Its timing aligns with rising fintech adoption for payments and verification, transforming real estate into a subscription service akin to global models like WeWork or flexible leasing apps.[1][3] Market forces like Nigeria's young population, real estate family networks, and investor interest (e.g., $2.6M from MaC VC in 2022) favor expansion, while Spleet influences the ecosystem by introducing KYC standards and automation, potentially lowering default risks and boosting formal rental markets.[1]

Quick Take & Future Outlook

Spleet is poised to scale beyond Nigeria into pan-African markets, capitalizing on urbanization and fintech growth to fulfill its 68,000+ waitlist through more listings and product expansions like enhanced Verify or Collect.[1] Trends in subscription economies, embedded finance, and affordable housing will shape its path, potentially evolving it into a full fintech-proptech powerhouse with corporate partnerships. As demand outstrips supply, expect aggressive funding and geographic pushes, solidifying its role in democratizing premium living for Africa's renters.