Obligo provides a flexible deposit alternative for renters and landlords, eliminating the need for traditional security deposits through certified electronic payments and instant refunds. This solution allows renters to save money and time while ensuring property managers maintain secure transactions with trusted tenants.
Funding
$90.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Renters often face the burden of large upfront security deposits, which can strain their finances and limit their housing options. Landlords, on the other hand, must manage these deposits, handle disputes, and risk potential losses from property damage.
Solution
Obligo offers a deposit-free renting experience by replacing traditional security deposits with a certified electronic payment system. Renters provide a billing authorization, allowing landlords to bill them for damages, while Obligo uses open banking technology to ensure renters have sufficient funds. Landlords can quickly recover funds for damages, while renters avoid tying up large sums of money and can repay claims in interest-free installments. This system integrates with existing CRM, screening, and payment platforms to streamline the rental process for both parties.
Target Audience
The primary target audience includes landlords and property managers of luxury multifamily properties seeking to attract upscale renters, as well as renters looking for more flexible and affordable move-in options.
Features
- Digital "billing authorization" replaces traditional security deposits
- Open banking technology verifies available funds before move-in
- Instant claim payouts to landlords, with flexible repayment options for renters
- Integration with existing CRM, screening, and payment platforms (e.g. Yardi)
- Paperless leasing process, enabling on-the-spot deal closings
- Electronic deposit payments for renters who prefer traditional deposits
- Dispute resolution process aligned with local regulations and small-claims courts