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Findigs, a software company focused on the rental industry, has raised a Series B round of venture capital in the amount of $27 million, according to a June 13 press release. The company’s seed and Series A rounds were not publicly disclosed, but in total the firm has raised $48 million.
Nyca Partners led the latest round, and RPM Ventures, Streamlined Ventures, Expa Ventures, Activant Capital, Colle Capital and Frontier Venture Capital all participated.
Findigs is in the business of improving the pace, accuracy and downstream benefits of tenant screening for property managers, and works in single-family rentals, multifamily, affordable housing and student living sectors. It alleviates the risk of fraud and flattens the application process with a mobile-first consumer experience, promising rapid approvals and transparent communication along the way.
“Today, renters wait days for a decision about where they’re going to live because property managers have no choice but to painstakingly review each application,” said Steve Carroll, co-founder and CEO of Findigs, in the press release. “Findigs does the hard work under the surface to enable an immediate, transparent answer. This completely transforms the experience for both sides.”
The company states its software cuts applicant approval times from an industry average of one week to under 24 hours.
At its heart, Findigs is about helping property managers stay abreast of always-evolving but stringent industry standards on applicant approval. Given the immense need for more rental property in light of a long-term stalemate between inventory and mortgage interest rates, more people are renting, and more applicant fraud is happening in order to earn approval, according to Findigs.
The company cited in its press release a 2023 survey by the National Multifamily Housing Council that determined 93 percent of property managers experienced rental fraud in 2022 and nearly a quarter of evictions could be linked to false rental application data.
The funding overlaps with the shipping of a new product called DecisionAssist, a mechanism for fast, comprehensive applicant screening. The automation reduces the burden of manual underwriting from management teams but keeps their expertise as part of the solution, along with internal AI systems.
The company is also tenant- and applicant-minded, working to ensure those at all income levels are analyzed equitably, offering “options for underbanked applicants,” it said. It also ensures “adherence to WCAG AA accessibility standards, and tailored, multilingual support throughout the process. “
The company said its latest financing will be directed toward general product enhancement, staffing and methods for improving its data collection and usage.
Findigs is based in New York City and was founded in 2018. It states it has processed more than 1 million rental applications.
