Stake, a New York City-based loyalty company catering to the rental economy, has announced the acquisition of Circa, a NYC-based rent payments company, for $9.5 million in a combination of cash and stock. This acquisition aims to enhance Stake’s platform by integrating Circa’s advanced payment technology, expanding its suite of financial amenities for renters.
Integration of Services
With Circa’s technology, Stake’s renter banking services platform now includes:
- Free payment processing
- Success-based collections management
- Integrated delinquency and collections management
Circa’s “Get Current” system, which combines flexible payment options with a human-led Customer Relationship Management (CRM) system, is designed to help renters manage and pay overdue rent, thus preventing evictions and improving overall tenant stability.
Stake’s Expanded Offerings
Led by CEO Rowland Hobbs, Stake’s platform now offers an expanded range of services aimed at building loyalty and providing financial incentives to renters. These services include:
- Cash Back for on-time rent payments
- Credit Builder and reporting services
- Debt-free Express Paycheck, which allows renters to access their paychecks early
- No-fee rent payments
Circa’s Role and Benefits
Circa, under the leadership of CEO Leslie Hyman, brings its expertise in providing a web-based payment platform that gives renters various payment options beyond the threat of eviction for late payments. This platform simplifies rent collection for property owners, enhances on-time rent and arrears collection, and fosters better resident relations.
New Payment Methods
The acquisition allows Stake to offer a wide range of payment methods, including:
- No-fee ACH transfers
- Debit/credit card payments
- No-fee cash rent payments at over 40,000 locations across the US
These options ensure that payments are instant and renters are rewarded for on-time payments with Cash Back. Stake’s platform integrates seamlessly with leading Property Management Software (PMS) systems, ensuring all rent payments and incentives are accurately recorded in the accounting ledger.
Conclusion
By acquiring Circa, Stake significantly enhances its ability to provide comprehensive financial services and incentives to renters. This strategic move not only broadens Stake’s service offerings but also reinforces its mission to align incentives among renters, property operators, owners, and investors, ultimately helping everyone achieve a better Return on Rent™.
