FinTech platform Arrival, which consolidates utility payments for the property sector, has secured £500,000 in a pre-seed funding round led by Fuel Ventures.

The investment is designed to scale B2B partnerships and combat the over £900 million annual cost of rent arrears for UK landlords.

Arrival is addressing a clear and costly inefficiency in the private rental sector by offering a solution that provides ‘clear, tangible value to both tenants and property operators’.

For B2B operators, the platform saves an average of 90 minutes per property on utility management and provides the cheapest managed rent collection product, which is up to 4x more cost-effective than alternatives.

The company is targeting 1 million units under management by year-end, with a strategic focus on the rapidly growing Build to Rent sector.