PayRent Closes Pre-Seed SPV with BoomStartup
PayRent closed a portion of their pre-seed round through BoomStartup’s SPV offering in December 2021. Founded in 2020, PayRent is a Lehi, Utah-based Fintech serving independent landlords and their renters. PayRent improves the financial well-being of landlords and renters, offering property management software with built-in banking services which include payment processing, emergency cash for renters, merchant cash advance for landlords, and cash-back debit cards for both. As of January 2022, PayRent has added 500 active landlords and is acquiring and retaining 50 landlords every month. PayRent was one of the first startups to graduate BoomStartup’s AmplifyUp 2021 program.
PayRent addresses painful landlord problems that were exposed by the pandemic who were vulnerable to late and lost rent due to renter employment volatility. It is one of the first neobanks to focus on both the landlord and renters, which smooths a sometimes awkward relationship.
PayRent has experienced a 0% churn within their target market in 2021 and is led by veteran SaaS founder Carlton Van Putten who has been CTO, CPO, and COO for notable companies such as Payline, Convirza, Apple, and 360 Payment Solutions. BoomStartup organized the SPV administered by Assure.