With a complete screening ecosystem and end-to-end decision guidance, Findigs is removing friction from the rental application process, and creating confidence across the rental experience

June 13, 2024 08:30 AM Pacific Daylight Time

NEW YORK–(BUSINESS WIRE)–Findigs, the leading property technology company simplifying rental screening and leasing decisions, today announced $27M in Series B funding. This financing follows the company’s unannounced Series A and Seed rounds, bringing its total funding to $48M to date. The Series B 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.

“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 is changing renting by addressing the fundamental complexities of rental underwriting, and delivering value back to renters with a fair and simple experience. The latest financing 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.

Getting approved to rent a home in the U.S. has never been simple for renters – approval criteria is not clear, 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 must be based on standardized rules, but these rulesets are nearly impossible to organize and dictated by regulations that are often in flux. Meanwhile, incidence of fraud is growing. According to a 2023 survey by the National Multifamily Housing Council, 93% of property managers saw rental fraud last year, and nearly a quarter of evictions could be traced back to fraudulent data on the rental application. Properties need to find and filter out fraud to avoid costly evictions, but the manual review required to do so is slow and imprecise.

Findigs is taking a unique approach, tackling these interconnected factors at once to unlock a better experience for both sides of the equation. While other screening tools fit in as one part of the decision-making process, Findigs intakes complex rulesets and measures applicants holistically against them. In 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. Additionally, Findigs speeds up the rental decision process from an industry average of one week to an average of less than one day.

“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,” said Steve Carroll, Co-Founder and CEO of Findigs. “Findigs does the hard work under the surface to enable an immediate, transparent answer. This completely transforms the experience for both sides.”

Alongside the Series B funding comes the launch of DecisionAssist: a breakthrough full-service screening offering from Findigs. Powerful automation is used to apply decision rulesets systematically, while advanced fraud detection tools operate in sync with support from Findigs specialists. While competitors merely promise to compile and source information, they leave it up to their customers to figure out what to do with that information. DecisionAssist removes the need for leasing teams to manually review applications, much less spend time gathering documents, judging IDs, or cross-checking endless streams of data. Leveraging rich multi-source data analysis, with AI and human expertise, DecisionAssist offers a holistic, one-stop solution unlike anything on the market.

While leasing teams accelerate, and compliance is simplified at scale, Findigs is also focused on accommodating the unique needs of every renter. 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.

“As big as the industry is, rental underwriting has always lacked sophistication,” said Jeremy Solomon, Partner at Nyca Partners. “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.”

Findigs is tackling the foundational challenges in renting with a powerful set of core capabilities, and the insight to develop a more effective, fairer model for underwriting. All of these efforts point at the company’s ambition to make renting work for all of us. To learn more, visit findigs.com.

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ABOUT FINDIGS

Founded in 2018, Findigs is the rental screening and decisioning platform made to get renting right. Its all-in-one rental ecosystem establishes airtight trust between property managers and residents, unlocking a fast and fair experience for all. The company builds advanced tools and intuitive experiences to serve all sides of the rental equation: helping property managers grow their communities safely, and simplifying the path home for renters all across the US. The company is headquartered in New York, NY and was co-founded by Steve Carroll and Keith Gilvar.

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