Stake, a New York-based fintech specializing in cashback and banking services for renters, has acquired rent payments platform Circa for $9.5 million in a combination of cash and stock.
Finalized earlier this month, the acquisition integrates rent incentives with comprehensive payment solutions, enabling Stake to introduce integrated delinquency and collections management through its Get Current feature.
Get Current, described as a pioneering solution in the industry, is a flexible payment system supported by a human-led CRM. It aims to “empower and incentivize” renters to pay overdue rent.
Additionally, Circa’s payment technology has been incorporated into Stake’s renter banking services platform. This enhancement allows renters to utilize a “wide range of payment methods,” including no-fee ACH, debit/credit cards, and a no-fee cash rent payment network with 40,000 locations across the US.
Founded in 2018, Stake claims to integrate seamlessly with “all the leading property management software companies” and offers the rental sector a comprehensive suite of solutions for renewals, delinquency, leasing, and now collections.
Stake’s platform provides several benefits, including cashback for on-time rent payments, early access to paychecks without accruing debt, credit building and reporting, and no-fee rent payments.
Commenting on the merger, Leslie Hyman, CEO and co-founder of Circa, said: “With Stake, renters are rewarded with Cash Back. With Circa, renters in arrears are empowered with the tools to get current.
“Together, it’s a perfect combination: performance payments meet performance rewards, with a shared mission to empower renters.”
Source: fintechfutures.com
