Obrigo has raised $35 million in new funding to accelerate the growth of its flexible security deposit solutions for the residential rental market and launch additional products.
According to a press release on Monday (October 21), the company is experiencing rapid growth and is nearing profitability.
“With these additional resources and our recently announced property management software partnership, we are uniquely positioned to become the top deposit solution for millions of homes in the U.S.,” said Obrigo Co-Founder and Chief Executive Officer. (CEO) Roy Do said in a release.
According to a release, Obrigo offers an alternative to security deposits by leveraging Wells Fargo bank-issued letters of credit and using open banking and artificial intelligence (AI) to determine a tenant’s eligibility for a no-deposit rental. It is said that they are offering it.
The company recently partnered with property management software companies AppFolio, Buildium, and Yardi, according to a release.
Obligo’s latest funding round was co-led by 83North and True Global Ventures, with True Global Ventures partner Lilia Shirman joining the company’s board of directors, according to the release.
“Obligo is an innovative product that leverages machine learning and AI in the real estate space,” Sherman said in a release. “The company’s growth and strategic channel partnerships are proof that it delivers tremendous value to renters and property managers alike.”
Security deposits are often a “pain point” for both tenants and property managers, and Obrigo offers a way to change that, Omri Dole, Obrigo’s chief operating officer and co-founder, said in a published interview. PYMNTS CEO Karen Webster. In June 2018.
“The technology is there,” Doe said. There’s a better way. ”
Obrigo partnered with Wells Fargo in June 2022 and said landlords and property managers who use Obrigo will receive the added protection of Wells Fargo Letters of Credit.
In January, the company partnered with BNY Mellon as part of the global investment firm’s BNY Ascent program. The program aims to identify and collaborate with leading technology companies that provide innovative solutions to the financial industry.
During the proof-of-concept stage, Obligo and BNY Mellon successfully validated Obligo’s ability to integrate into core banking services, meaning Obligo’s ability to offer a suite of deposit solutions directly from its banking portal.
See more: 83North, Flexible Bonds, Lilia Sherman, News, Obrigo, Omri Do, PYMNTS News, Real Estate, Loy Do, True Global Ventures, Wells Fargo, Latest News
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