Obligo's security deposit alternative is now
supported by Wells Fargo Letters of Credit,
in a modern twist on a tried and trusted bank product
NEW
YORK, June 27, 2022 /PRNewswire/ -- Obligo, the
fintech company that makes renting as simple as checking in and out
of a hotel, today announced an innovative model, supported by Wells
Fargo, that further enhances its
product offering. Obligo is now the only security deposit
alternative utilizing bank-issued Letters of Credit to provide
landlords and tenants with security, flexibility and ease of
transaction.
Obligo's security deposit alternative is
now supported by Wells Fargo Letters of Credit.
Obligo's holistic product suite powers a trusted and streamlined
rental experience, including the use of Open Banking data to
determine a renter's eligibility to rent without a traditional cash
deposit. Landlords and property managers using Obligo's service can
now enjoy enhanced protection via Wells Fargo Letters of Credit,
while renters enjoy the ability to rent deposit-free.
"Wells Fargo has been an incredible advisor on this initiative.
They share our vision of leveraging existing bank products in new
ways to support proptech innovation and have been extremely agile
in helping this updated model come to life," said Roey Dor, CEO of
Obligo. "We are excited to announce this strategic initiative as we
expand to provide deposit-free living to millions of households
nationwide."
"Wells Fargo works with leading edge fintech companies as they
scale, and we are thrilled to work with Obligo on this unique
solution," said Rahul Baig, Managing
Director, Head of Venture Capital Coverage at Wells Fargo. "With
this innovative approach, Obligo is providing rental market
participants with tech-enabled options to make their lives
easier."
About Obligo
Obligo harnesses financial technology to build trust between
renters and landlords, making the rental process as simple as
checking in and out of a hotel. In 2018, brothers Roey and Omri Dor
founded Obligo as a holistic product suite to streamline rental
owners operations, boost their bottom line, power a superior rental
experience and comply with ever-changing regulations.
Obligo's solution suite today includes free certified electronic
move-in payments, a flexible credit-backed deposit alternative, and
automated electronic deposit refunds, complemented by powerful
integrations with industry leading software.
With its recent Series B funding round, Obligo has now raised
over $50 million, led by investor
83North. Additional investors include HighSage Ventures, 10D,
Entrée Capital, Alumni Ventures, MUFG Innovation Partners, La
Maison Partners and other strategic partners.
For more information, visit myobligo.com.
About Wells Fargo
Wells Fargo & Company
(NYSE: WFC) is a leading financial services company that has
approximately $1.9 trillion in
assets, proudly serves one in three U.S. households and more than
10% of small businesses in the U.S., and is the leading middle
market banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo
ranked No. 37 on Fortune's 2021 rankings of America's largest
corporations. In the communities we serve, the company focuses its
social impact on building a sustainable, inclusive future for all
by supporting housing affordability, small business growth,
financial health, and a low-carbon economy. News, insights, and
perspectives from Wells Fargo are also available at Wells Fargo
Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
Media Contact:
Keegan St. Onge-May
Obligo
keegan@myobligo.com
207-650-5071
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SOURCE Obligo