Obligo enters deal with real estate firm Common to bypass security deposits

June 12, 2019

Common, a residential real estate firm in six major U.S. markets, announced a partnership with fintech company Obligo on a digital screening and payment service that allows renters in the firm's New York units to rent apartments without the need for a security deposit, according to a company release.

Obligo uses open banking technology to first screen prospective tenants and pre-authorizes the person's bank account to allow the security deposit to be paid in installments. Obligo's security deposit technology is currently used in about 20,000 residential units across the country.

"We're constantly evaluating ways to break down unneccesary obstacles in the renting process and provide a superior living experience for Common members," Eric Rodriguez, senior director of sales at Common, said in the release. "We have just completed a pilot with Obligo, and we've found that it helps us accelerate our leasing process, benefiting our members and real estate partners alike."

Common, which launched in 2015, operates 27 buildings in six major cities in the U.S., including New York City, Chicago, San Francisco, Oakland, Seattle and Washington D.C.


 

 

Topics: Mobile Banking, Technology Providers

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