Stake, a NYC-based loyalty company for the rental economy, acquired Circa, a NYC-based rent payments company, for $9.5M in cash and stock.
With the acquisition, Circa’s payment technology is now added to Stake’s renter banking services platform. Free payment processing and success-based collections management are now available alongside Stake’s loyalty, renter banking services, and incentive optimization services. With the deal, Stake introduces integrated delinquency and collections management with Get Current, a flexible payments system with a human-led CRM that empowers and incentivizes renters to pay back due rent.
Led by CEO Leslie Hyman, Circa is a provider of a web-based payment platform that improves pay rent by addressing the need for renters to have options beyond paying late under threat of eviction. For property owners, the company simplifies rent collection, increases on-time rent and arrears collection, and improves resident relations.
Led by CEO Rowland Hobbs, Stake aligns incentives between renters, operators, owners, and investors, so everyone earns the Return on Rent™ they deserve. Its revenue management tools outperform enable renters to earn Cash Back, grow their savings, improve their credit, and access free and equitable banking services.
Stake’s platform builds renter loyalty to rental properties with its suite of financial amenities:
- Cash Back for on-time rent payments
- Credit Builder and reporting
- Debt-free Express Paycheck to access paychecks early*
- No-fee rent payments
With the addition of Circa, renters can use a wide range of payment methods including no-fee ACH, debit/credit card, and a no-fee cash rent payment network of 40,000 locations across the US. Payments are instant and reward renters for on-time payments with Cash Back. Stake integrates with all the leading Property Management Software companies ensuring every rent payment, and incentive, is recorded in the accounting ledger.
FinSMEs
14/06/2024