RentSpace Technologies, recently recognized as one of Nigeria’s fastest-growing SMEs by BusinessDay NG, is setting its sights on expansion after recording significant milestones in 2024. The company, which focuses on simplifying rent payments and improving financial planning, saw steady user engagement and is now aiming for even greater growth in 2025.
One of the company’s key achievements last year was the launch of its SpaceRent app, which introduced three features—Space Deposit, Space Exchange, and SpaceRent—designed to streamline rent payments. The app, which allows users to save towards their rent, saw positive adoption, with over 1,000 downloads and more than 300 active users. Among them, at least 40 users were actively saving, and three individuals successfully paid their rent through the platform.
RentSpace also sought to improve financial literacy by launching a podcast on saving habits, offering insights and practical strategies to help Nigerians manage their finances better. To further encourage financial discipline, the company introduced a Saver of the Month initiative, recognizing seven outstanding users who demonstrated commitment to their savings goals.
Building on the momentum from 2024, RentSpace has set ambitious targets for the new year. The company is projecting a turnover of over N200 million, a significant increase from the N5 million recorded in 2024. It also expects to exceed 20,000 app downloads, grow its active user base to over 10,000, and support at least 1,500 individuals saving towards rent payments.
According to Shola Jolaosho, Growth Manager, the focus this year will be on expansion and deeper user engagement. He noted that while 2024 was a year of strong growth, the company aims to make a larger impact by reaching more Nigerians. RentSpace’s financial strategy for 2025 reflects this growth ambition. Tijani Azeez, Financial Manager, stated that the company is looking to build a sustainable financial ecosystem that helps users achieve long-term savings and homeownership goals.
As part of its expansion, RentSpace is introducing new products aimed at providing structured saving plans beyond rent. Space Auto, one of the upcoming offerings, will enable users to save towards purchasing a car, while Space Homes—which includes Space Estate and Space Mortgage—will offer tailored solutions for property ownership. A new Space Homes website is also set to launch, allowing users to explore real estate opportunities and plan their homeownership journey.
From a technical standpoint, Oluwatobi Adeogun, Technical Manager, emphasized that the company remains committed to innovation, with new platforms designed to give users more control over their financial future.
With a growing user base and a focus on expanding its services, RentSpace Technologies is positioning itself as a key player in Nigeria’s evolving fintech space. Whether these ambitious targets will be met remains to be seen, but the company’s trajectory suggests it will remain a significant player in the industry.
RentSpace Technologies is a pioneering company focused on providing innovative tools to simplify financial planning and saving for Nigerians. Known for its transformative solutions and recognized as one of the fastest-growing SMEs in the country, RentSpace continues to redefine the fintech landscape.
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