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Findigs secures $27 million in Series B funding to enhance its rental screening and decision-making platform, DecisionAssist. This new funding will expand their automation services, combat rental fraud, and ensure a faster, fairer, and more transparent rental process for both property managers and renters. The advancements aim to streamline the rental experience, reducing decision times and improving overall satisfaction.
Revolutionizing the Rental Experience
Findigs, a prominent property technology company, recently secured $27 million in Series B funding. This financial boost aims to simplify rental screening and leasing decisions. Leading the funding round was Nyca Partners, accompanied by existing investors including RPM Ventures, Streamlined Ventures, Expa Ventures, Activant Capital, Colle Capital, and Frontier Venture Capital. This new capital brings Findigs’ total funding to $48 million, underscoring their commitment to improving the rental process.
The $27M Boost: Fueling Innovation
The $27 million in Series B funding will be strategically utilized to enhance Findigs’ operations and technology. The primary focus is on expanding their screening automation service, which will involve growing their team and increasing the sophistication of their platform and data systems. This expansion is designed to offer a more seamless and efficient experience for both property managers and renters.
Combating Rental Fraud: A Growing Concern
Rental fraud has become a significant issue, with a survey by the National Multifamily Housing Council revealing that 93% of property managers encountered fraud last year. Findigs addresses this problem with advanced fraud detection tools. These tools not only identify fraudulent applications but also reduce bad debt for property managers by up to 50%. By combining best-in-class fraud detection with proprietary ruleset orchestration, Findigs enhances the overall trust and reliability in the rental process.
Meet DecisionAssist: The Game Changer
DecisionAssist is a new service introduced by Findigs, offering a comprehensive solution for rental screening. This service employs powerful automation to systematically apply decision rulesets, supported by advanced fraud detection tools. Unlike competitor tools that merely compile and source information, DecisionAssist eliminates the need for manual review by leasing teams. It leverages rich multi-source data analysis, AI, and human expertise to provide a holistic, one-stop solution for rental decisions.
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Speed and Efficiency: The New Standard
Findigs has significantly reduced the rental decision timeline, transforming an industry average of one week into less than one day. This acceleration is achieved through their integrated platform that combines advanced automation and data analysis. Property managers benefit from faster application processing, leading to quicker occupancy and reduced vacancy rates. Renters experience less uncertainty and quicker move-in times, enhancing their overall rental experience. Industry experts and users have noted the substantial impact of this increased speed and efficiency on their operations and satisfaction.
Ensuring Fairness and Compliance
Findigs is dedicated to maintaining fairness in the rental process by adhering to standardized rules and regulations. Their system ensures compliance with the Fair Housing Act (FHA), providing transparency and unbiased decision-making. The application process is designed to be inclusive, accommodating underbanked applicants and offering broad document analysis capabilities. This commitment to fairness is reflected in their adherence to WCAG AA accessibility standards, ensuring that their services are accessible to all users, regardless of their background or financial status.
Enhancing User Experience: A Renter’s Perspective
The application process at Findigs is designed to be user-friendly and intuitive. Renters benefit from a seamless experience, with features that support underbanked applicants and provide multilingual support throughout the process. The application system’s broad document analysis capabilities and adherence to WCAG AA accessibility standards ensure that all users can navigate the process with ease. This focus on user experience helps build trust and satisfaction among renters, making the rental process smoother and more transparent.
A New Era in Rental Screening
Findigs’ $27M Series B funding and the introduction of DecisionAssist mark a significant advancement in rental screening. By addressing the core challenges of rental fraud, decision speed, fairness, and user experience, Findigs is setting a new standard in the rental industry. Property managers benefit from reduced fraud and faster occupancy, while renters enjoy a fairer, more transparent application process. As Findigs continues to innovate and expand, their impact on the rental industry is expected to grow, paving the way for a more efficient and equitable rental market for all stakeholders.
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