Obligo Technologies News
11 articles
growth-positive
Obligo’s platform for renters and landlords provides a security deposit alternative utilizing bank-issued Letters of Credit supported by Wells Fargo.
Fintech company Obligo, specializing in security deposit solutions for real estate rentals, has successfully raised $35 million in a Series C funding round. The round was co-led by True Global Ventures and 83North, with participation from several other investors. This investment increases Obligos total funding to over $90 million. The company has also announced new partnerships with property management software companies AppFolio, Buildium, and Yardi. Obligos platform offers a security deposit alternative using bank-issued Letters of Credit, supported by Wells Fargo, and leverages Open Banking and AI to assess renters eligibility. The funding and partnerships position Obligo to enhance its market presence and expand its innovative solutions to more U.S. homes.
InvestmentPartners
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Obligo Innovates With Wells Fargo To Help Rid Landlords & Renters From the Burden of Security Deposits
Obligo, a fintech company, has announced a strategic initiative supported by Wells Fargo to enhance its security deposit alternative product. Obligo now utilizes bank-issued Letters of Credit to provide landlords and tenants with security, flexibility, and ease of transaction. This innovative approach allows renters to rent deposit-free while landlords and property managers enjoy enhanced protection. Wells Fargo has been an advisor on this initiative and shares Obligos vision of leveraging existing bank products for proptech innovation. Obligo has raised over $50 million in its recent Series B funding round, led by investor 83North. Other investors include HighSage Ventures, 10D, Entrée Capital, Alumni Ventures, MUFG Innovation Partners, and La Maison Partners.
Partners
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Landmark Communities Celebrates 3 Years of Deposit-Free Operations with Obligo
Landmark Communities and Obligo, a fintech company, have been working together for three years to create a better experience for residents and streamline operations for the property management team. Obligo has reduced the time spent on deposit-related administrative tasks by 96%, from 2.5 hours to just 5 minutes per resident. Landmark Communities residents are invited to live deposit-free or pay a traditional deposit electronically. 82% of residents choose to live deposit-free. Obligos holistic product suite benefits renters, property managers, and owners by simplifying the rental process and eliminating security deposits. The partnership between Landmark Communities and Obligo has been successful in improving the move-in and move-out experience for residents.
Customers
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Obligo raises $35 million Series B to streamline rental experience
Israeli fintech startup Obligo has raised $35 million in a Series B funding round led by 83North. The company has developed a platform that streamlines the rental experience by using Open Banking data and AI to determine a renters eligibility for deposit-free renting. Obligo also handles move-in payments, security deposits, end-of-lease deductions, deposit refunds, and billing for open charges. With the latest funding round, Obligo has raised over $50 million in the last 12 months. The company has partnered with over 100 U.S. property owners and managers, including AIR, Beam Living, and Common.
Investment
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Obligo Named the Most Promising Israeli-Founded Fintech Startup in Lending and Financing for 2021
Obligo, a security deposit alternative, has been recognized as the Most Promising Israeli-Founded Fintech Startup in Lending and Financing for 2021. The award highlights fintech companies expected to have a significant impact in their sectors. Obligo allows renters to pre-authorize their landlords to charge their bank accounts instead of paying a security deposit. The company uses Open Banking data and AI for a qualification process. Landlords and property managers benefit from increased demand and streamlined operations. Obligo has established partnerships with leading US property managers in various rental housing markets.
CustomersPartners
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Banishing the hated rental security deposit
Israeli startup Obligo has developed a technology that disrupts security deposits for rental apartments. Obligo treats deposits like a credit card pre-authorization, where landlords no longer have to comply with complex deposit regulations and tenants dont have to pay a security deposit upfront. Obligo works with Viola Credit to cover payments to landlords and collect from tenants. The company originally wanted to build an app to manage the relationship between landlords and tenants but pivoted to focus on relieving both parties from the deposit burden. Obligos technology screens renters for financial stability using the Open Banking protocol. The company charges a monthly fee of 6-12% of the rent. Obligo is already active in 30 US states and plans to expand further.
Customers
growth-positive
Obligo raises $15.5 million to push adoption of security deposit solution
Fintech startup Obligo has completed a $15.5 million funding round, bringing its total funding to $20 million. Obligo offers an alternative to the security deposit by providing landlords with a limited billing authorization based on open banking technology and backed by credit. The funding will help accelerate the companys penetration into the U.S. rental market and support the development of its product. Obligo plans to hire 10 additional employees and expand its partnerships with leading U.S. real estate firms. The company has already partnered with firms such as Beam Living, Aimco, Common Living, and Rudin Management Company.
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growth-positive
Obligo enters deal with real estate firm Common to bypass security deposits
Common, a residential real estate firm, has announced a partnership with fintech company Obligo to provide a digital screening and payment service that eliminates the need for a security deposit for renters in Commons New York units. Obligos technology allows the security deposit to be paid in installments by pre-authorizing the tenants bank account. The partnership aims to accelerate the leasing process and provide a superior living experience for Common members and real estate partners. Common operates in six major U.S. cities and currently manages 27 buildings.
Partners
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Obligo Unveils First-Ever Free Rental Move-In Payment Solution, Eliminating Certified Checks From Leasing Process
Obligo, a financial technology company, has announced a new offering that allows landlords and property management companies to accept certified online payments for security deposits and move-in payments. This eliminates the need for physical certified checks and provides a fully paperless move-in process. Obligo previously disrupted the rental tech market with its deposit replacement solution, which does not rely on insurance. The company has already partnered with high-profile players in the New York apartment industry. Obligo aims to strengthen its technology and partnerships to provide seamless experiences for landlords, management companies, and renters.
PartnersCustomers
growth-positive
Obligo Integrates with Yardi to Streamline Implementation of Deposit-Free Technology for Top Multifamily Owners and Managers
Obligo, a financial technology company that provides deposit-free rental buildings, has completed the integration of its billing authorization technology with Yardis property management software suite. This integration will allow multifamily building operators using Yardi to implement and manage Obligos deposit-free platform across their portfolios. The platform allows landlords to bill renters up to a pre-agreed amount, eliminating the need for expensive insurance policies. The integration will automate and streamline the renter onboarding process across leasing, management, and accounting teams.
PartnersCustomersExpand
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Real Estate Fintech Startup Obligo Raises $5 Million
Fintech startup Obligo Inc. has completed a $5 million seed financing round led by 83 North. Obligo offers an alternative to security deposits for renters in the real estate market. Their solution uses open banking technology and credit to provide limited billing authorization to landlords. In the event of a claim, Obligo pays landlords immediately and collects the money from tenants in installments. Obligo has recently partnered with New York landlords Olshan Properties and Adam America, who collectively own and manage over 15,000 rental units in New York City. The service is subscription-based and starts at $9.90 per month.
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