SANTA BARBARA, California. Nov. 19, 2018 — RentTrack, the leading provider of rental payments and rent reporting, announced today it has completed a Series A round of financing for U.S. investment, led by Farmers Insurance Exchange. In addition to Farmers, the round also includes an investment from existing investor Yabeo.
CEO and Co-Founder of RentTrack Matthew Briggs said, “We are very excited to close this Series A round as it builds on an exceptional year at RentTrack which saw a rapidly growing roster of clients, technical innovation, and market traction. The investment will be used to scale our team, fund our continued company growth strategy, and cement our strategic relationship with Farmers. With strategic affiliations with organizations like Farmers and Yabeo, RentTrack has gained a key advantage, paving the way for us to reach millions more renters.”
RentTrack pioneered the reporting of rental data to all three major credit bureaus and has now emerged as the industry leader in the rapidly growing online rental payment and rent reporting industry. By accurately reporting rent payments to Experian, Equifax, and TransUnion, RentTrack aims to level the credit playing field for renters by providing an advantage that, until now, has only been given to homeowners.
“We’ve been able to innovate in online rent payments and wake up a sleepy industry,” said Darryl Eaton, CTO and Co-Founder of RentTrack. “With this capital, we look forward to bringing many new revolutionary products to market that will transform the way rent is paid and reported online.”
This investment builds upon a strategic collaboration between RentTrack and Farmers and demonstrates their mutual commitment to serving the growing demographic of long-term renters. Farmers recently introduced an innovative new brand called Toggle℠, currently available in Illinois and Wisconsin, which provides a fully-digital and customizable insurance product, with flexible coverage for renters. The Toggle renters insurance product includes optional features designed to appeal to the rental demographic, such as Pet Parent℠ and Side Hustle℠ coverages. Toggle users will also have the opportunity to “toggle on” Credit Lift℠ powered by RentTrack, a non-insurance feature that will help them get the credit they deserve for on-time rent payments.
“Our affiliation with RentTrack continues our strategy to expand our collaboration with startups that can provide us with unique advantages in the insurance supply chain,” said Scott Lindquist, chief financial officer of Farmers Group, Inc. “In particular, our exclusive access to Credit Lift℠ further distinguishes our new Toggle brand from other marketplace offerings.”
In addition to their contribution during a previous round, existing investor Yabeo has increased their position in this Series A round. Yabeo is a German venture capital firm specializing in Fintech, Healthtech, and DeepTech.
Gerrit Seidel, Managing Director of Yabeo, said “RentTrack is the leading innovator in rental payment and value added services with unique benefits for both the renter and the property manager. Its cutting edge technology platform supporting three languages has potential to scale also in other international markets.”