Stake, a prominent FinTech company, has expanded its horizons with the recent acquisition of Circa, a dynamic enterprise known for its pioneering rent payments solutions.
The acquisition was valued at $9.5m in a mix of cash and stock.
This strategic acquisition enables Stake to integrate Circa’s flexible rent payment systems into its own platform, thereby creating the first cash back rent payment platform without fees. The merger seeks to revolutionize how renters interact with payment systems by ensuring they are rewarded for timely payments.
With Circa’s technology, Stake will now offer no-fee rent payments and a suite of banking services that foster financial growth among renters without the burden of fees. The integrated system, known as ‘Get Current,’ combines human-led customer relationship management with technology to manage delinquencies effectively, reducing arrears by 30% on average.
Stake’s comprehensive platform now caters to over 100,000 homes across the U.S., offering free insights via its Loyalty Cloud.
Stake CEO and co-founder Rowland Hobbs noted, “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.”
Circa CEO and co-founder Leslie Hyman said, “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.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
