Fintech startup Obligo raises $35 million for security deposit solutions
Fintech startup Obligo raises $35 million for security deposit solutions
Obligo’s platform for renters and landlords provides a security deposit alternative utilizing bank-issued Letters of Credit supported by Wells Fargo.
Fintech company Obligo, which develops security deposit solutions for real estate rentals, has raised $35 million in fresh funding. The funding round was co-led by True Global Ventures and 83North, and also included additional equity and debt investors 10D, Entrée Capital, HighSage Ventures, MUFG Innovation Partners, and Viola Credit.
Obligo’s platform for renters and landlords provides a security deposit alternative utilizing bank-issued Letters of Credit supported by Wells Fargo. The company, founded in 2018 by brothers Roey Dor and Omri Dor, uses Open Banking and AI to determine renters' eligibility to rent deposit-free.
The investment, which brings the company’s total funding to over $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 renting," said Roey Dor, CEO and Co-Founder of Obligo. "The value is clear: a recent survey showed that 55% of renters cited Obligo as a key factor in selecting their current home. With these additional resources and our recently announced property management software partnerships, we are uniquely positioned to become the top deposit solution for millions of U.S. homes."
