Findigs, a leading property technology firm that simplifies rental screening and leasing, has secured $27 million in Series B funding. This latest financing round, which follows their previous Series A and Seed rounds, brings their total funding to $48 million. The Series B round was led by Nyca Partners, with contributions from RPM Ventures, Streamlined Ventures, Expa Ventures, Activant Capital, Colle Capital, and Frontier Venture Capital.
Findigs aims to address the inherent complexities of rental underwriting, offering a straightforward and equitable experience for renters. The new funds will be utilized to enhance their screening automation services, expand their team, and advance their platform and data capabilities. Their growing dataset provides valuable insights into rental industry norms, traditionally based on intuition and best practices.
In the U.S., obtaining rental approval has always been challenging. Approval criteria are often unclear, with varying requirements depending on background and income type. The decision-making process can take days, lacking transparency. To ensure fairness and compliance with FHA standards, rental decisions must be based on standardized rules, which are difficult to manage due to frequently changing regulations. Additionally, rental fraud is a growing concern. A 2023 survey by the National Multifamily Housing Council found that 93% of property managers encountered rental fraud, and nearly 25% of evictions were linked to fraudulent application data. Identifying and eliminating fraud is crucial but time-consuming and imprecise with manual reviews.
Findigs addresses these interconnected issues simultaneously, improving the rental experience for both landlords and renters. Unlike other screening tools that serve only part of the decision process, Findigs uses complex rulesets to evaluate applicants comprehensively. Their platform combines advanced fraud detection with a proprietary ruleset orchestration engine, reducing bad debt for operators by up to 50% and speeding up rental decisions from an industry average of one week to less than one day.
“Renters typically wait days for a decision because property managers have to meticulously review each application,” said Steve Carroll, Co-Founder and CEO of Findigs. “Findigs handles the complex work behind the scenes to provide immediate, transparent decisions, transforming the experience for everyone involved.”
With the Series B funding, Findigs also launched DecisionAssist, a full-service screening offering. This service uses automation to systematically apply decision rulesets and advanced fraud detection tools, supported by Findigs specialists. While competitors simply compile and source information, DecisionAssist eliminates the need for leasing teams to manually review applications, gather documents, verify IDs, or cross-check data. Utilizing comprehensive multi-source data analysis, AI, and human expertise, DecisionAssist offers a unique, holistic solution.
As leasing processes become more efficient and compliance is streamlined, Findigs remains committed to addressing the diverse needs of renters. Their user-friendly application accommodates underbanked applicants, supports broad document analysis, adheres to WCAG AA accessibility standards, and provides tailored, multilingual support.
“Rental underwriting has historically lacked sophistication,” said Jeremy Solomon, Partner at Nyca Partners. “Findigs is uniquely positioned to create a new, contextual underwriting model for residential renting. We are excited to partner with them on this journey.”
Findigs is focused on overcoming the fundamental challenges of renting with advanced capabilities and insights to create a more effective and equitable underwriting model.
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By Proptechbuzz
By Ravi Kumar
