We interviewed the team behind Fat Lama, a sharing economy platform that lets users rent out tools and equipment to and from other users.
How did Fat Lama come about?
In 2015, our co-founders, Chaz and Rosie, began renovating a warehouse in Hoxton. They were on a tight budget and found it extremely difficult to borrow the tools they needed to get the job done. Trying to find the tools they needed was often time-consuming and costly as it was hard to find things nearby and they often had to buy things that they would only need for a few days. This gave them the idea of Fat Lama, a peer to peer rental platform which helps people rent items from people nearby, saving them time and money!
Where did the name Fat Lama come from?
Well, nowhere really! We wanted a name for the platform that was unique and memorable, and we think it’s exactly that. Plus, it gave us the idea to bring some Llamas to a tech fair last year!
Who is your market and what makes Fat Lama unique in your opinion?
What makes Fat Lama unique is our that our platform allows people to rent almost anything fully insured on our platform. Our ID verification system and Guarantee make peer to peer lending a lot more secure. This means that people will feel more comfortable in renting out more expensive things such as tools or electronics, saving borrowers from potentially having to make unnecessary (and costly) purchases. Being able to borrow from people nearby and at a convenient time also makes renting less daunting, and this is why we think has made Fat Lama more appealing to people of all ages.
Tell us a success story
We just spoke to a student who’s making ends meet (earning about £600/month) purely by renting out their camera equipment, which is pretty cool. That’s just one of many. Click here to hear how another user rented a camera for his daughter’s first birthday party!
What are your plans for the future are and how do you see the market for peer to peer tool lending evolving?
We have been continuously improving the platform to make it a better service for our customers. We’ll be expanding into more cities in the UK and beyond, as well as building an app to make renting easier on the go.