Obligo, a NYC-based fintech company providing a suite of flexible security deposit solutions, raised $35M in funding.
The round was led by 83North and True Global Ventures with participation from 10D, Entrée Capital, HighSage Ventures, MUFG Innovation Partners, and Viola Credit. As part of this funding round, Lilia Shirman, Partner at True Global Ventures, joined Obligo’s Board of Directors.
The company intends to use the funds for continued product innovation, IP development, and expansion of strategic partnerships.
Founded in 2018 by Roey Dor and Omri Dor, Obligo leverages financial technology to build trust between renters and landlords. As a security deposit alternative utilizing bank-issued Letters of Credit supported by Wells Fargo, the company uses Open Banking and AI to determine renters’ eligibility to rent deposit-free. The investment comes as Obligo experiences a period of rapid growth, driven by recently announced partnerships with property management software companies AppFolio, Buildium, and Yardi.
Commenting on the news, Roey For said: “The value is clear: a recent survey showed that 55% of renters cited Obligo as a key factor in selecting their current home. With these additional resources and our recently announced property management software partnerships, we are uniquely positioned to become the top deposit solution for millions of U.S. homes.”
FinSMEs
21/10/2024