Fintech company Obligo, which develops security deposit solutions for real estate rentals, raised $35 million in Series C funding. The funding round was co-led by True Global Ventures and 83North, and also included additional investors in equity and debt 10D, Ouverture Capital, HighSage Ventures, MUFG Innovation Partners and Viola Credit.
The Obligo platform for tenants and landlords offers an alternative to security deposits using bank-issued letters of credit backed by Wells Fargo. The company, founded in 2018 by brothers Roey Dor and Omri Dor, uses Open Banking and AI to determine tenants’ eligibility for deposit-free rent.
The investment, which brings the company’s total funding to more than $90 million, is part of new partnerships with property management software companies AppFolio, Buildium and Yardi.
“This investment demonstrates the market’s confidence in our machine learning technology, our API-first distribution strategy and our vision for the future of rental,” 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 best escrow solution. for millions of American households. »