NEW YORK--(BUSINESS WIRE)--Obligo, the fintech company that builds trust between renters and landlords, today announced a Series B funding of $35 million led by investor 83North. Additional investors participating in the round include HighSage Ventures, 10D, Entrée Capital, Alumni Ventures, MUFG Innovation Partners, La Maison Partners and other strategic investors.
Combined with its recent Series A round, Obligo has raised over $50 million in the last 12 months. The new funding will be used to expand its product suite, grow market share and bring industry-changing rental solutions to millions of homes across the United States.
Obligo’s holistic product suite powers a trusted and streamlined rental experience. Obligo's platform uses Open Banking data and AI to determine a renter's eligibility to rent deposit-free. Renters then proceed to make their move-in payments online, including a traditional security deposit if needed. At move-out, Obligo handles any end-of-lease deductions, refunding of deposits and billing the renter for any open charges.
“An Obligo-powered experience provides renters with flexibility, peace of mind and financial freedom,” said Roey Dor, CEO of Obligo. “Thanks to powerful software integrations and elimination of all paper processes, the operational and financial benefits to owners and operators are substantial."
Obligo has partnered with over 100 tech-forward U.S. property owners and managers including AIR, Beam Living (StuyTown) and Common. Landlords and property managers use Obligo to simplify their move-in process, comply with the ever-changing regulatory landscape, and make their listings more appealing to renters.
"Obligo is a disruptive and innovative solution, both in its ability to make predictions about renter risk and in its effective debt recovery process,” said David Buttress, Partner with 83North. “We believe the product suite is becoming an irreplaceable industry standard in the U.S. and beyond."
Obligo harnesses financial technology to build trust between renters and landlords, making the rental process as simple as checking in and out of a hotel. In 2018, brothers Roey and Omri Dor founded Obligo as a holistic product suite to streamline rental owners operations, boost their bottom line, power a superior rental experience and comply with ever-changing regulations.
Obligo’s solution suite today includes free certified electronic move-in payments, a flexible credit-backed deposit alternative, and automated electronic deposit refunds, complemented by powerful integrations with industry leading software. For more information, visit myobligo.com.