One of the founders of deposit replacement scheme Reposit has left the proptech firm.

Curran McKay has stepped down as chief executive of Reposit just a year after launch.

He posted on LinkedIN last Wednesday: “Following a fantastic two years working with Reposit, I have made the decision to leave the business.

“I’ve learned a huge amount through co-founding the company and I’m excited for my next challenge. I’m very proud of what we have achieved with Reposit so far and I wish the team future success as they continue to make renting fairer.”

It is unclear where he is going or who his replacement will be.

His name was still displayed on the Reposit website on Friday but Companies House documents show he resigned as a director on August 4.

A spokesman for Reposit said: “Following two years as chief executive, Curran McKay has stepped down from Reposit for personal reasons, effective immediately.

“We are grateful for all Curran’s hard work building Reposit alongside co-founders Jude Greer and Brendan Short, and we wish him success in the future.

“Aside from that, July was our best month yet with a record number of Reposits processed, and August looks like it will be even better.

“We’re proud to be making renting fairer for the UK’s tenants and have some exciting new projects in the pipeline for the second half of 2017.”

Rather than a deposit, Reposit, which launched in August 2016, lets tenants pay a non-refundable fee of one week’s rent.

Reposit’s service then provides six weeks’ worth of cover to the landlord for damages, unpaid rent, cleaning costs and any other charges normally associated with deductions from a security deposit.