Findigs, a leading property technology company that simplifies rental screening and leasing decisions, announced $27 million in Series B funding. This funding follows the company’s unannounced Series A and Seed rounds, bringing the total funding raised to date to $48 million. This round was led by Nyca Partners, with participation from existing investors RPM Ventures, Streamlined Ventures, Expa Ventures, Activant Capital, Colle Capital, and Frontier Venture Capital.
Findigs is changing the rental process by addressing the fundamental complexities of rental underwriting, and delivering value back to renters with a fair and simple experience. And the latest funding will be used to expand their screening automation service, grow their team, and increase platform and data sophistication. The company’s increasingly rich dataset offers vital insight into rental industry norms that have long been driven by intuition and best practices.
Approval for renting a home has never been easier. For example, approval criteria is not clear as requirements can pose barriers depending on background and income type, and decisions can take days with little transparency. To ensure fairness and FHA compliance, rental decisions have to be based on standardized rules, but these rulesets are nearly impossible to organize and dictated by regulations that are often in flux. However, the incidence of fraud is growing.
Findigs is utilizing a unique approach, tackling these interconnected factors at once at unlocking a better experience for both sides of the equation. And while other screening tools fit in as one part of the decision-making process, Findigs intakes complex rulesets and measures applicants holistically against them. With a single platform, the company has combined best-in-class fraud detection with a proprietary ruleset orchestration engine, resulting in up to 50% reduction of bad debt for operators. Plus, Findigs speeds up the rental decision process from an industry average of one week to an average of less than one day.
The Series B funding round comes on the heels of the launch of DecisionAssist: a breakthrough full-service screening offering from Findigs. And powerful automation is used to apply decision rulesets systematically, while advanced fraud detection tools operate in sync with support from Findigs specialists.
DecisionAssist removes the need for leasing teams to manually review applications and spend much less spend time gathering documents, judging IDs, or cross-checking endless streams of data. Utilizing rich multi-source data analysis, with AI and human expertise, DecisionAssist offers a holistic, one-stop solution unlike anything on the market.
Findigs is also focused on accommodating the unique needs of every renter. And the company designed an easy-to-use application, with options for underbanked applicants, broad document analysis capabilities, adherence to WCAG AA accessibility standards, and tailored, multilingual support throughout the process.
Launched in 2018, Findigs is the rental screening and decisioning platform made to get renting right. And its all-in-one rental ecosystem establishes airtight trust between property managers and residents, unlocking a fast and fair experience for all.
KEY QUOTES:
“Today, renters wait days for a decision about where they’re going to live because property managers have no choice but to painstakingly review each application. Findigs does the hard work under the surface to enable an immediate, transparent answer. This completely transforms the experience for both sides.”
- Steve Carroll, Co-Founder and CEO of Findigs
“As big as the industry is, rental underwriting has always lacked sophistication*.** Findigs is uniquely positioned to create an entirely new and contextual underwriting model for residential renting. We couldn’t be more excited to partner with them on that journey.”*
- Jeremy Solomon, Partner at Nyca Partners
