Stake, a loyalty company for the rental economy, announced the acquisition of Circa, a rent payments company, for $9.5 million in cash and stock. The acquisition creates a first for the rental economy: delivering no-fee rent payments with instant Cash Back for renters. Free payment processing and success-based collections management are now available alongside Stake’s loyalty, renter banking services, and incentive optimization services.
Through the acquisition, Stake introduced integrated delinquency and collections management with Get Current, which is an industry first. Get Current is a flexible payments system with a human-led CRM that enables and incentivizes renters to pay back due rent.
By bringing collections management to rent lowers, Stake reduces the time on-site teams spend on collections and reduces renter arrears by 30% on average. And Get Current joins Stake’s existing leasing, renewals, and delinquency tools.
Circa’s payment technology is now added to Stake’s renter banking services platform. And the banking services (offered by TransPecos Banks) empower renters to earn and build wealth with no-fee checking accounts and Cash Back rather than racking up debt for points paid by credit card companies. Stake is 100% free for renters and rental properties with no-fee rent payments. Stake’s platform builds renter loyalty to rental properties with its suite of financial amenities:
1.) Cash Back for on-time rent payments
2.) Credit Builder and reporting
3.) Debt-free Express Paycheck to access paychecks early*
4.) No-fee rent payments
Designed for the average, everyday, American renter, Stake integrates banking services, payments, and financial amenities into over 100,000 American homes. And every property in Stake’s network has access to free performance insights with Stake’s Loyalty Cloud. Through the addition of Circa, renters can use a wide range of payment methods including no-fee ACH, debit/credit card, and a no-fee cash rent payment network of 40,000 locations across the US. Payments are instant and reward renters for on-time payments with Cash Back.
Stake integrates with all the leading Property Management Software companies ensuring every rent payment, and incentive, is recorded in the accounting ledger.
KEY QUOTES:
“Stake has always rewarded renters for staying current on rent. But, no payment platform solves issues that drag on performance like delinquencies and arrears. If a resident falls behind on rent the traditional payment providers, and even the new entrants that give points-based rewards, just leave properties with a huge gap in revenue. Now, with Circa, Stake not only prevents delinquencies we collect on past due balances.”
- Rowland Hobbs, CEO and co-founder of Stake
“Circa was founded to bring flexible rent payment innovation to renters. Renters need more options to avoid costly, and heart-breaking, evictions. 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 meets performance rewards, with a shared mission to empower renters.”
- Leslie Hyman, CEO and co-founder of Circa
