Obligo, a NYC-based fintech company, raised $15.5m in Series A funding. The company intends to use the funds to roll out its deposit-free technology to millions of homes across the U.S.Backers included 83North,10D, Entrée Capital, Viola Credit, and other strategic real estate investors.
It was founded in 2018 by brothers Roey Dor and Omri Dor, Obligo enables tenants to rent an apartment without a security deposit. Instead of paying a deposit or buying deposit insurance, renters submit a payment method for pre-authorization, like a hotel check-in process. If the landlord submits a charge at the end of the lease, Obligo pays out first, while the renter can repay either in full or in installments. Before applicants are approved to join Obligo, they must connect their bank account to the platform using Open Banking technology and pass a financial screening powered by an AI-based underwriting engine.
The company has established partnerships with leading property managers such as Beam Living (StuyTown), Aimco, Common Living, Olshan Properties, AJ Clarke, Time Equities, Hunter Lafayette, Landmark Communities and others.
