Rhino

Rhino

Insurance-based security deposit alternative for renters

Overview

Rhino provides an alternative to traditional security deposits in the rental market by offering renters a monthly insurance policy instead of paying large upfront deposits. Renters pay a small monthly fee that covers potential damages and unpaid rent, while landlords receive protection through Rhino’s insurance, underwritten by insurance partners. Rhino acts as a licensed insurance agency in states like New York and California, placing insurance policies with insurers on behalf of landlords and tenants and earning compensation from insurers for each policy. This approach makes moving more affordable for renters and expands the pool of eligible tenants for landlords.

About Rhino

Simplify's Rating
Why Rhino is rated
C-
Rated C on Competitive Edge
Rated C on Growth Potential
Rated D+ on Differentiation

Industries

Enterprise Software

Fintech

Financial Services

Company Size

201-500

Company Stage

Late Stage VC

Total Funding

$162.9M

Headquarters

New York City, New York

Founded

2017

Simplify Jobs

Simplify's Take

What believers are saying

  • Merger expands products to lease guarantees, renters insurance, and employment loss protection.
  • Rhino+ adopted by Omega Realty Group, cutting operational time by 20 hours monthly.
  • Partnerships cover 14% of U.S. rental market, saving renters over $1 billion in costs.

What critics are saying

  • CEO Paraag Sarva's 2025 departure causes leadership instability and integration disruptions.
  • Lemonade terminates underwriting in 2026 due to high claims from housing downturn.
  • Obie Insurance undercuts Rhino with AI risk pricing, poaching 6-million-home network.

What makes Rhino unique

  • Rhino pioneered security deposit insurance in 2017, replacing cash deposits with monthly premiums.
  • Rhino+ launched in 2023 as first end-to-end digital deposit management platform.
  • Merger with Jetty in 2025 created largest U.S. security deposit platform serving 6 million homes.

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Funding

Total Funding

$162.9M

Above

Industry Average

Funded Over

5 Rounds

Notable Investors:
Late VC funding comparison data is currently unavailable. We're working to provide this information soon!
Late VC Funding Comparison
Coming Soon

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

0%

2 year growth

0%
InsurTechNews
Feb 10th, 2025
Rhino and Jetty Merge to Create the Largest Security Deposit Insurance Company in the Market

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.…

Coverager
Feb 6th, 2025
Rhino And Jetty Merge

Rhino <i class="fa fa-info-circle company-popover" data-content="h3Rhino/h3. div. table

Coverager
Dec 12th, 2024
Rhino To Offer Loss Of Employment Protection

Rhino, <i class="fa fa-info-circle company-popover" data-content="h3Rhino/h3. div. table

CAD Software Direct
Sep 16th, 2024
Rhino User Webinar: Advancing Computational Design Workflows at MORPH

McNeel Europe (the team behind Rhino) are partnering with MORPH to bring you Advancing Computational Design Workflows at MORPH.

FF News
Jul 31st, 2023
Omega Realty Group Selects Rhino+ To Modernize Security Deposit Process

Rhino, which pioneered security deposit insurance in 2017 and services a six-million-home partner network, today announced that Omega Realty Group is using the new Rhino+ platform to manage security deposits for renters.Rhino+ is the rental industry’s first digital deposit platform that simplifies and modernizes the security deposit process, making renting easier, transparent and affordable.“Rhino has been a trusted partner for over three years, helping protect our thousands of rental units with security deposit insurance. With Rhino+, we now offer our renters the choice to use cash or insurance as part of their move-in experience,” said John Ashley, Omega Realty Group. “We look forward to continuing our partnership with Rhino and delivering a digital experience to our residents, allowing them to move in seamlessly while protecting our assets.”Leasing teams typically deal with physical deposit checks that must be brought to the bank and held in an escrow account. Property owners often have to track these payments in software platforms coded in the 80s that can’t always be used on personal computers. Cash sits in escrow, inaccessible until the end of the lease. The process is required for every unit, taking up to 20 hours per month.“Rhino+ alleviates the headache of the traditional security process by giving owners and renters choices,” said Ben Lantos, Rhino’s CEO and co-founder

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