News

JIC Venture Growth Investments (VGI) has acquired the shares in Smooth Inc. (“Smooth”), through its JIC Venture Growth Fund 2.

‍

Smooth provides installment payment services to individual tenants for upfront costs associated with leasing residential properties, such as security deposits, key money, and brokerage fees. Amid ongoing inflationary pressures and rising rents, the financial burden of such upfront costs—particularly for younger individuals—has increased significantly, exacerbating social challenges related to housing, including constraints on mobility and the ability to relocate. In this context, Smooth’s service allows tenants to select repayment periods ranging from 3 to 48 months, offering flexibility tailored to individual income levels and financial planning needs.

‍

In the real estate brokerage industry, the adoption of credit card payments for upfront rental costs has been limited, partly due to the relatively high merchant fees that can impose a material burden on brokerage firms. Smooth’s installment payment solution minimizes the financial burden on real estate agencies while contributing to the diversification of payment methods in rental transactions.

‍

The significance of this investment lies in supporting the resolution of social challenges related to housing through Smooth’s services, while also promoting greater flexibility and diversity in payment methods within the real estate brokerage sector.

‍

^{The information contained in this notice is current at the time of publication and subject to change without notice.}