Recognized for its Open Banking and AI-based underwriting and collection capabilities, Obligo rids landlords and renters of the burden of security deposits
Obligo, a leading security deposit alternative that builds trust between landlords and renters through financial technology, has been recognized as the Most Promising Israeli-Founded Fintech Startup in Lending and Financing for 2021, in an event hosted by Citi, Visa and Israel Discount Bank. The awards were selected by 30 financial entities and venture capital funds operating in Israel.
The award recognized fintech companies expected to have the largest impact in their respective sectors in 2021. Seven winners were selected from a field of over 750 startups operating in the global fintech industry.
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Similar to a hotel check-in process, renters who use Obligo don’t need to pay a security deposit. Instead, they pre-authorize their landlord to charge their bank account, up to the security deposit amount. If the renter owes a balance at move out, they have the flexibility to repay in installments. Before a renter is approved to rent deposit-free, Obligo performs a split-second qualification process which leverages Open Banking data and AI. Landlords and property managers enjoy increased demand and streamlined operations, without dependency on third-party insurance.
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“With the COVID-19 crisis continuing to cause financial hardship for millions of Americans, security deposits are a massive source of capital that can provide immediate liquidity to families in need.” said Roey Dor co-founder and CEO. “By combining Open-Banking technology and machine learning we are able to dramatically reduce a landlord’s ‘bad debt’ figure, without requiring renters to place thousands of dollars in escrow.”
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