Fremont, CA: The world is experiencing unprecedented technological change, and the rental market is experiencing a slew of changes and trends that will affect all aspects of the rental industry. Technology is constantly evolving and, for better or worse, advances in speed, ease, and sophistication year after year.
Rentigo is a rent processing platform for real estate operators, and HelloRented is a rental finance platform with advanced AI-based underwriting capabilities and a one-of-a-kind, cash-based, alternative security deposit solution. Both companies have merged to form Qira. The most recent end-to-end financial services platform assists property managers, residential owners, and renters with every financial interaction during the rent lifecycle. Qira recently received $8 million in funding for its Series A round. The lead investor was the Phoenix Insurance Company (Phoenix), Israel's biggest institutional investor.
"After revolutionizing e-commerce, fintech is now improving the way financial transactions are carried out in the residential real estate market. As renter demographics shift, there is an increased need for instant solutions, from applicant selection to rent collection to offering immediate cashflow solutions at the click of a button," remarked Bill Staniford, CEO of Qira. "Ultimately, these solutions for residents help build better communities that are more profitable; we see it every day. Our products help owners and property managers reduce rent defaults, decrease bad debt and increase their NOI."
Qira acts as a go-between for property owners, property managers, and renters, reducing financial friction between them. The company's proprietary AI-based due diligence algorithm offers approvals in less than 7 seconds, drawing data from 40 different sources to support the onboarding of both traditional and non-traditional applicants, including students, freelancers, and non-US citizens. Qira's Security Deposit Program allows renters to enter into a lease without paying the full deposit up front, while giving property managers immediate cash to recover damages with guaranteed coverage of up to two times the deposit amount.
Qira assists residents in meeting their rent obligations throughout the term of each lease agreement by offering deferred or split rent payments while still ensuring rent is always paid in full as per the owner's payment schedule, mitigating the risk of rent defaults. Residents can pay their rent and security deposit via ACH, debit card, credit card, check, or money order, and payments are collected and processed digitally. Qira issues electronic refunds the same or the next day. Security deposit claims are processed and paid out within 48 hours, allowing property managers to improve cash flow and fill more units faster.