RentMoola is an innovative global cloud platform that is disrupting the real estate industry by empowering customers to take control of their ﬁnances through a simple, integrated, and secure solution that is powered by a world-class Partner ecosystem.
Led by CEO Karthik Manimozhi, RentMoola is North America’s leading online rent payment platform.
Mr. Karthik started as CEO of RentMoola last November 2019. One in three households are renting in North America. With over 50 million renters paying over $500B in rents and utilities in North America, there is a need for more sophisticated FinTech liquidity solutions and expanded Financial literacy for all demographics. The problems of urban living , affordable Rents, Income inequality will only be worsened by COVID-19 Economy.
I firmly believed that the space is ripe for disruption. Complex problems require bold solutions that can only be stitched together by an Ecosystem of diverse world-class partners.
RentMoola The Inception-
We make collecting rent and property-related fees simple and efficient.
RentMoola was formed in 2013, when online payments were fairly new to the real estate market. This meant that as one of the innovators in the space, the company had to take on the challenge of changing user behavior to adapt the new technology.
As the market embraced this new flexibility of rental payments, competition soon followed. The market was split with the top ERP players having a majority market share in the high-end, large enterprise market while millions of consumers were underserved in the fragmented, high volume, mid-market and small enterprise markets.
With big players coming in, competition increased in the market, which gave the opportunity for RentMoola to differentiate through their world-class industry partnerships. RentMoola focuses on tenant empowerment and landlord efficiency and control. No other FinTech platform has solved the intricacies of this environment better than them.
As the company matured, the platform offered more flexibility through its 360° payment solutions, thus becoming the leading solution to offer the most flexible ways to pay. Today, RentMoola processes hundreds of millions in annual payments, with a growing revenue and user base.
Chief Executive Officer Karthik Manimozhi saw the potential of the platform to help create a diverse and inclusive community comprising the landlords and tenants.
There is a big opportunity for growth in advancing an already successful and stable platform and scaling its capabilities to take on a bigger challenge.
RentMoola delivers solutions across these three waves. Having their 360° payment solutions in place, RentMoola became a necessity for many property managers and their tenants to quickly adapt to contact-free payments.
To answer the need for non-predatory credit line solutions, RentMoola rolled out innovative new solutions on the platform. This gives tenants the ability to access a line of credit, and for property managers to access working capital for businesses. An industry first, these solutions allow for maximum flexibility with as many choices as possible to provide liquidity to its users.
The company has seen a large influx of users since the beginning of the COVID-19 outbreak. RentMoola’s user base has been increasing by 45% percent and has over 227% percent growths in net revenue compared to the same period from last year.
The Products and Services-
Our mission and purpose is to provide tenants with flexibility, more financial control, and improved financial literacy.
Tenants Take Control of Their Finances
For renters, we provide the most comprehensive and convenient payment options with our wide network of partners. Tenants can enjoy 360° payments online, phone, in person, or in store. We are partnered with all major credit cards, international payments, banks, stores, and more. Now, tenants can also use their digital wallets.
We plan to differentiate the platform by providing more services like access to consumer credit or line of credit, property search, tenant screening, security deposit alternatives, renters insurance, credit reporting to boost their credit score, and more.
Risk Management for Landlords
RentMoola helps landlords create recession-proof businesses by empowering them to mitigate risk, raise working capital, improve their cash flow, and increase the overall value of their holdings.
With RentMoola, landlords are able to manage processes such as marketing their properties, tenant screening to ensure they target the right renters, credit reporting, improving their cash flow, eliminating risks with rental insurance, eliminating missed payments, and generating working capital as needed.
Every solution on their roadmap is aimed at solving the issues that most severely impact people’s lives, and more importantly, helping the most vulnerable in our societies around the world. This is what drives the team at RentMoola.
Our tools help the real estate industry adapt to consumer demands and help manage the costs of housing with efficient and user-friendly technology.
Property managers can manage the entire renter’s lifecycle in one platform. RentMoola’s platform helps them mitigate risks, identify their ideal tenant, and provide a wide range of financial solutions to their tenants.
For tenants they offer flexibility and the goal is to provide solutions that will help them take control of their finances better. This means helping to improve financial literacy across multiple demographics.
RentMoola’s roadmap ensures landlords will be able to mitigate risk and increase efficiencies and provide tenants a better experience. They plan to provide the following:
- The ability for property managers to market their properties through apartment listing
- Application management
- Tenant screening to ensure property managers target the right renters. This means offering comprehensive background and security checks which go beyond understanding potential tenants’ financial history so landlords can evaluate tenants based on a range of risk factors
- Credit reporting where renters can report their rental payments to the credit bureaus. This enables tenants to boost their scores, setting themselves up for a better financial future
- Rental insurance and security deposit alternatives also benefit landlords and tenants alike by ensuring they are protected
- 360° payment solutions to include more options like paying with digital wallets.
- Smart communications for simpler communications between tenants and their landlords
- Customer credit line for tenants and access to working capital for property managers
“We are constantly innovating and focus on providing our customers the best experience with simple and comprehensive solutions that are valuable to them.”
Our team is the backbone of RentMoola and critical to our success as a company.
Diversity is Not a Policy – It’s in Their DNA
When your company has a multicultural team of 34 people who speak 32 different languages, you’re doing something right. “Diversity encompasses every ounce of our FinTech company” – from empowering international university interns, to having nearly 40% women team members throughout our executive team, board membership, managers, and associates.
For the team at RentMoola, their diversity and inclusion practices are not formalized in any kind of policy – and they believe that it shouldn’t be. They recognize there is a need for widespread change, and for many companies, policies need to be set in place to make that happen.
“Our success comes down to one simple thing – it comes naturally. It is, in fact, part of our company’s DNA.”
Diversity Pays Off
RentMoola’s employees are located all over the Lower Mainland of BC, Canada as well as across the United States geographically, thus bringing in an excellent perspective from across North America. With this background, they can understand client’s needs and provide valuable solutions to their customers. “Having a diverse workforce means having the capability to respond to the needs of diverse markets.”