Rhino, the insurtech company that pioneered security deposit insurance, today announced its recent $95 million funding round, led by investment firm Tiger Global Management. Launched in 2017, Rhino tackles the housing affordability crisis in America by replacing cash security deposits with smart, affordable insurance so that 110 million American renters can maintain control of their cash.

Rhino's funding round also includes existing major investors, Kairos and Lakestar VC, as well as Lakehouse VC and additional strategically aligned insurance and real estate investors.

Rhino was co-founded by Kairos with a mission is to give renters everywhere greater financial freedom to plan and enjoy their lives. Rhino empowers renters and landlords on a national scale to eliminate the traditional security deposit model by replacing cash security deposits with smart, affordable insurance so renters can maintain control of their cash. Instead of a large upfront cash security deposit, renters pay Rhino a small monthly fee, and Rhino insures the property owner for damages that might occur and lost rent. To date, Rhino is offered in over 1 million homes and has saved renters over $250 million in cash.