Reposit has partnered with agency proptech platform Tenant Shop to offer its deposit replacement scheme.
Letting agents and their landlords will be able to offer the Reposit scheme to renters through Tenant Shop from April.
Tenant Shop is a utility and tenancy management software platform that traditionally helped lettings agents offer landlords energy and broadband tariffs.
It has more than 1,000 partner agents and was used by 23,000 tenants alone last year to switch and save money on their energy bills.
Rather than a change in direction for Tenant Shop, a spokesman said it was already focused on agent and landlord services through its SULU platform that helps them manage tenancies.
The spokesman said: “With the new fee ban coming into effect there is even more of a need for letting agents to focus on business efficiency, reduce administration costs and introduce new revenue streams.
“We are continually expanding the portfolio to address these themes for our agents and their tenants.”
Glenn Seddington, senior representative for Tenant Shop, added: “We select our partners very carefully taking great pride in offering our agents best in class solutions. We did a significant amount of due diligence to find the right security deposit alternative and we feel that Reposit offers the best product on the market.
“This is a key addition for us as more and more tenants look for a new way to rent property without the hassle of a deposit. We are delighted to offer it to landlords and tenants through our existing and new letting agent partners.”
Jude Greer, chief executive of Reposit, said: “We try and make sure that we partner with companies that have a shared vision as well as product standards that match our own.
“We are delighted to be partnering with a company that has such a strong reputation in the market, as well as the opportunity to offer many thousands of tenants and landlords the option of using Reposit.
“Our mission is to make renting more affordable and accessible to tenants, and this partnership takes us one step closer to that goal.”