NEW YORK--(BUSINESS WIRE)--RentShare.com, a leading rent payment provider that makes it easy for tenants to pay rent online to landlords of all sizes, announced today that it will be supercharging growth efforts following its recent sale to i3 Verticals, LLC, a payments technology conglomerate based in Nashville, Tennessee. Backed by the parent company and its recently announced $50 million credit facility, RentShare is investing heavily in the mobile rent payment sector and is aggressively targeting its largest competitor, the physical check.
Ian Halpern, founder and CEO of RentShare, commented, “We are entering a very exciting chapter here at RentShare. We have spent the past four years building RentShare into a stable business, and now this new partnership with i3 Verticals adds even more strength, stability, and experience along with an infrastructure to support our accelerating growth. Combined, i3 Verticals and RentShare will process over $4 billion in 2015. In that time, we will be expanding major product, sales, and marketing initiatives aimed at providing a universally accessible mobile rent payment and collection platform to fit the needs of any landlord and tenant. We are also looking to leverage i3 Verticals’ resources to pursue key acquisitions in the space.”
This announcement is just the latest in a series of recent events that would suggest that the rent payment industry has reached an inflection point. The past several months have seen multiple rent focused payment providers changing hands, while others have raised significant amounts of money to fuel growth.
On the subject of the rent payment industry’s current climate, Halpern continued, “We are excited to see this space heating up. I care about this industry and welcome the increased attention it’s getting. At RentShare, we are continually looking at ways to push the rental industry forward. The paper check still dominates the market as the number one way people pay rent in this country, even though most tenants pay every other bill electronically. We are laser focused on addressing that discrepancy by providing our customers innovative and flexible solutions that fit a wide array of use cases. Landlords and their tenants are as diverse as you and me and one-size-fits-all products won’t cut it.”
The rental industry has a reputation of being slow to adopt new technology, but RentShare takes a unique approach to introducing its technology solutions to landlords. Halpern elaborated: “We work with our customers to build great products that make their lives easier and will complement their current systems, not disrupt them. For example, many landlords and property managers already have efficient processes for collecting paper checks, and while most would like to give tenants more modern payment options, they understandably don’t want to risk disrupting a system that is working for them. We are sympathetic to that mindset and designed a platform that connects to a modern mobile payment system but enables landlords to receive those payments electronically or by physical checks if that works better for them. Either way, tenants get the convenience of paying rent on their phones or automatically online.”
RentShare launched in late 2011 as a simple way to split rent and expenses with roommates. Today, it has evolved into a robust mobile payment platform that gives landlords of all sizes a simple and frictionless way to collect rent online and offer their tenants a modern way to pay rent with a credit card or bank account.
About i3 Verticals, LLC
Based in Nashville, TN, i3 Verticals, LLC is a technology and integrated payments provider for a range of industry verticals throughout the United States. i3 Verticals intends to make additional acquisitions and become a leader in distinct, growing verticals by helping customers improve their operating efficiencies, enhance revenues, and streamline their payment processing functions.