US rental fintech Stake acquires Circa in $9.5m deal
Stake, a New York-based fintech offering cashback and banking services to renters, has purchased rent payments platform Circa for $9.5 million in cash and stock.
Stake buys rent paytech Circa for $9.5 million
Completed earlier this month, the acquisition merges rent incentives with end-to-end payments, allowing Stake to introduce integrated delinquency and collections management through Get Current.
Get Current, touted as an industry first, is a flexible payment system featuring a human-led CRM that “empowers and incentivises” renters to repay overdue rent.
Moreover, Circa’s payment tech has been added to Stake’s renter banking services platform, which the company states will enable renters to 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”.
Founded in 2018, Stake, which claims to integrate with “all the leading property management software companies”, provides the rental sector with a suite of solutions for renewals, delinquency, leasing, and now collections.
Its platform offers various benefits, including cash back for on-time rent payments, early access to pay checks without incurring debt, credit building and reporting, and no-fee rent payments.
Speaking on the merger, Leslie Hyman, CEO and co-founder of Circa, asserts: “With Stake, renters are rewarded with Cash Back. With Circa, renters in arrears are empowered with the tools to get current.
“Together, it’s a perfect combination: performance payments meets performance rewards, with a shared mission to empower renters.”
