PIÑATA, THE NATION'S LEADING RENTER REWARDS PROGRAM, LAUNCHES PIÑATA PAY, A REVOLUTIONARY DEBIT SOLUTION

NEW YORK, Aug. 1, 2023 /PRNewswire/ -- Piñata, the nation's fastest-growing reward and credit building platform for renters, is revolutionizing the rental industry once again with the launch of Piñata Pay. This new debit card payment solution, backed by Visa and supported by AI technology, not only rewards renters for on-time rent payments but also significantly impacts the bottom line for property owners and operators. Renters receive cash back rewards for on-time rent payments, automated rent credit reporting, thousands of dollars in monthly giveaways, and more, while owners see increased rent payments and renter satisfaction. Piñata Pay, currently available by invitation only, streamlines the payment process with a simple premise adopted by some of the largest property management companies nationwide: Pay Rent. Get Rewards. Build Credit. Piñata's user experience and feature-rich platform establish it as the responsible alternative to credit cards, benefiting both renters and property management companies.

Piñata's exceptional growth and product market fit are evident as the company has already achieved over 2.5x last year's revenue in the first two quarters of 2023. Notably, Piñata experienced a 93% growth rate with owners, operators and property management companies that represent over one million renters nationwide and has already given away almost $3 billion dollars worth of rewards to-date.

In addition to Piñata's recent successes and the initial rollout of Piñata Pay, the company is announcing additional strategic investments from Wilshire Lane Capital, and new investments from 29th Street Capitaland BDev Ventures. These capital injections enable Piñata Pay to become best-in-class, reinforcing efforts to expand the immensely popular rent rewards and credit building platform. The investments further solidify Piñata's market leadership and unwavering commitment to providing exceptional value to renters and landlords across the nation, especially at a time where consumers are in need of support and extra savings.

"We are committed to making rent rewarding, affordable and secure for all renters, everywhere, and Piñata Pay is the next phase of that journey," said Lily Liu, CEO of Piñata. "With this offering, we wanted to create a solution that can improve the way we rent, in a way that's financially responsible and avoids the potential risks of credit cards and increased debt."

Piñata's holistic approach is changing how the world thinks of rent, and with the addition of Piñata Pay, the company is poised to become the go-to loyalty layer between residential landlords and their tenants. Often described as a 'super amenity,' Piñata's platform encourages on-time rent payments, boosts tenant retention, and attracts quality renters while improving overall tenant satisfaction.

"The strength of Piñata's growth metrics and the uniqueness of its proposition is what led us to invest more," said Adam Demuyakor, Managing Partner at Wilshire Lane Capital. "We see enormous potential in Piñata's mission to reward and help everyday renters, and we are proud to play a part in their journey."

Residential landlords who are interested in joining the invitation list to provide Piñata Pay to their residents as a valued amenity can reach out to [email protected].

About Piñata:
Piñata is the nation's leading renter payment, reward and credit-building platform. Leveraging AI, Piñata streamlines and enriches the renter journey, offering a suite of value-add tools and services that benefit both landlords and tenants. The company's free app currently has a 4.6 rating on the Apple iOS store. For more information, visit www.pinata.ai.

SOURCE Piñata

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