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Mila, the startup that fights against unpaid rent, raises 10 million Euros and becomes an insurance company

#Startup #Levée de fonds

The AssurTech startup incubated at Swave, Paris&Co's Fintech innovation platform, has become the 5th company in 50 years to be approved by the Autorité de contrôle prudentiel et de résolution (ACPR) and thus officially becomes an insurance company. The young company also announced a €10 million fundraising round with Breega and business angels.


Mila, co-founded in 2020 by Gérard Deray and Jean Boucher, aims to acilitate access to housing. "The financial demands on prospective tenants are high, but so are the legislative constraints on landlords," says Gérard Deray. Mila offers a battery of digital services that guarantee verification of a prospective candidate’s files. "If an incident occurs, we compensate the current month, which is not done anywhere else," says the co-founder, adding that "each insured person has a dedicated advisor" to facilitate the declaration.


After only 8 months’ activity, the AssurTech has managed to earn this precious approval, an ‘open sesame’ which officially confers insurance company status. Mila also plans to extend tenants’ eligibility for certain housing. "We have an average acceptance rate of over 40% because our unpaid rent insurance protects the landlord," notes Gérard Deray. Another advantage added by the manager:  Mila highlights the profiles that often encounter trouble finding housing to give them a better chance.


This fundraising should allow Mila to not only develop new services and further improve user experience, but also to pass the milestone of 20 employees by end-2022, when it should also reach its goal of insuring "several tens of thousands of properties".


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