Toronto-based Naborly has announced a multi-year API and data partnership with Vancouver-based RentMoola, which is working to transition to a property management platform.
Naborly, which provides a residential tenant screening for landlords and automates administrative tasks, developed a custom API for RentMoola, which allows landlords and tenants to collect and make payments.
Through the API, RentMoola can provide a plug-and-play credit data system that manages credit, customer data, fair housing compliance, and high-grade data security infrastructure. The API will allow RentMoola to focus on its core competency of coordinating rental payments and tenant rewards as it continues its transition to a property management platform.
“When you look at the most successful tech companies, you realize that focus and playing to your strengths is a critical factor for success. Our partnership with Naborly is a testament to both our companies’ ability to see the value that comes from working with others in order to maintain that focus,” said RentMoola co-founder and COO Philipp Postrohovsky. “Naborly’s technology is the clear leader in next-gen tenant screening.”
Naborly recently announced a credit data partnership with Equifax Canada, giving Naborly access to Equifax’s credit data across Canada, and access to Equifax’s sales pipeline of small property management firms.
“Eight percent of American’s are unbanked. Rent increases are outpacing income growth across the US and Canada. Evictions and bankruptcies are up across America for a number of reasons more sinister than the tenant being at fault,” said Naborly CEO Dylan Lenz. “Meanwhile credit scores for millennials and new immigrants, which are some of the largest segment of renters, are superficially low because of static methods of collecting credit data in concert with drastic changes in consumer behavior, market conditions, and limited financial history. Not because of bad intentions or bad decisions.”
The companies say the long-term goal of the partnership is to change the traditional credit reporting and scoring for the rental industry, which can adversely affect unbanked segments.
“There are so many other factors that go into a successful tenancy, but the incumbents like TransUnion and Experian, have continued treating unique risk analysis problems as nails for their hammer-like solutions,” said Lenz. “By developing a focused artificial intelligence, we’ve been able to assess the nuance around each tenant’s unique application and improve the accuracy of risk analysis beyond the traditional credit approach. And both and tenants and the landlords appreciate it.”
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