Obrigo, a fintech company developing security deposit solutions for real estate rentals, has raised $35 million in Series C funding. The funding round was co-led by True Global Ventures and 83North, with additional equity and debt investors 10D, Entrée Capital, HighSage Ventures, MUFG Innovation Partners, and Viola Credit.
Obligo’s tenant and landlord platform, backed by Wells Fargo, offers an alternative to security deposits using bank-issued letters of credit. Founded in 2018 by brothers Roy and Omri Dole, the company uses open banking and AI to determine tenant eligibility for no-deposit rentals.
The investment, which brings the company’s total funding to more than $90 million, comes on the back of new partnerships with property management software companies AppFolio, Buildium, and Yardi.
“This investment is a testament to the market’s confidence in our machine learning technology, API-first distribution strategy, and our vision for the future of rentals,” said Roey Dor, CEO and co-founder of Obligo. . “The value is clear: According to a recent survey, 55% of renters cited Obligo as an important factor in choosing their current home. With our partnership, we are uniquely positioned to become the top deposit solution for millions of U.S. households. ”
