Renter Cash Back Platform Stake Announces $4 Million Funding Round
Stake app and desktop screenshots

Renter Cash Back Platform Stake Announces $4 Million Funding Round

A FinTech that helps renters earn cashback has just raised some money of its own. This week, Stake announced that it had closed a $4 million funding round. The seed round was led by Shadow Ventures while Hometeam Ventures, Olive Tree Holdings, Blue Field Capital, Hampton VC, Gaingels, and Silicon Valley Connect managing director Ellen Levy also participated.

Stake is a rewards program that allows renters to earn cashback when they make on-time payments. To do this, it partners with property owners and management companies to offer the service to their tenants. According to Stake, properties using the platform have seen 15% more lease renewals, 50% lower marketing costs, and other benefits. Currently, Olive Tree Holdings, Greystar Holdings, Brick Capital, and others are among those using Stake at their properties.

Explaining the idea behind Stake, the company’s CEO Rowland Hobbs said in a statement, “The single largest expense for a majority of Americans is housing. Stake is enabling the 48 million Americans who rent to build equity via true cash savings ensuring financial security is attainable for all.” Hobbs went on to elaborate on how the platform is a win-win for residents and landlords, noting, “Investing in residents with Cash Back creates a higher propensity to pay, and propensity to stay, a financial win-win for renters and owners. This is just the start of a FinTech revolution in real estate.”

Elsewhere, commenting on State’s history and potential, Shadow Ventures senior associate and newly-appointed Stake board member Nick Durham said, “Stake joined our inaugural Multifamily Technology Accelerator in November 2020, and was immediately adopted by strategic asset managers who wanted to outperform the market. The opportunity Stake has tapped into is to reinvent revenue management with a resident-first focus. We supported Stake early in their growth, and are thrilled to continue to invest in Rowland and Jimmy’s FinTech vision and their world-class team, as Stake scales their platform to revolutionize the revenue management and payment model.”

Incidentally, Stake’s seed round comes on the heels of another renter-centric rewards program raising money. Last week, Bilt announced that it had raised $60 million from a list of investors that included the likes of Wells Fargo and Mastercard. Like Stake, Bilt partner properties allow customers to earn rewards when they pay their rent on time. However, in an added twist, Bilt also offers a branded credit card that not only allows customers to avoid fees on rental payments but also enables them to earn 1x points on rent (among other perks).

With Bilt having the advantage of greater funding and larger investors, one might assume that Stake will have an uphill battle ahead of it. However, as other FinTech niches have shown, there’s plenty of room for more than one disruptor in a single field. Ultimately, it will be up to the real estate owners (and, to some degree, the renters) to help decide which platform makes the most sense for them. This all adds up to an interesting battle that could play out between these two FinTechs and others in the months and years ahead.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...