STAKE ACQUIRES CIRCA CREATING THE FIRST CASH BACK RENT PAYMENTS PLATFORM
Acquisition unites rent incentives and end-to-end payments management; collections now join Stake's leasing, renewals, and delinquency solutions.
NEW YORK, June 13, 2024 /PRNewswire/ -- Stake, the loyalty company for the rental economy, today announced the acquisition of rent payments company Circa for $9.5 million in cash and stock. The acquisition creates a first for the rental economy: delivering no-fee rent payments with instant Cash Back for renters. Free payment processing and success-based collections management are now available alongside Stake's loyalty, renter banking services, and incentive optimization services.
With the acquisition, Stake introduces integrated delinquency and collections management with Get Current, an industry first. Get Current is a flexible payments system with a human-led CRM that empowers and incentivizes renters to pay back due rent." By bringing collections management to rent payments, Stake reduces the time on-site teams spend on collections and reduces renter arrears by 30% on average. Get Current joins Stake's existing leasing, renewals, and delinquency tools.
"Stake has always rewarded renters for staying current on rent," said Rowland Hobbs, CEO and co-founder of Stake. "But, no payment platform solves issues that drag on performance like delinquencies and arrears. If a resident falls behind on rent the traditional payment providers, and even the new entrants that give points-based rewards, just leave properties with a huge gap in revenue. Now, with Circa, Stake not only prevents delinquencies we collect on past due balances."
Circa's payment technology is now added to Stake's renter banking services platform. Banking services (offered by TransPecos Banks) empower renters to earn and build wealth with no-fee checking accounts and Cash Back rather than racking up debt for points paid by credit card companies. Stake is 100% free for renters and rental properties with no-fee rent payments. Stake's platform builds renter loyalty to rental properties with its suite of financial amenities:
- Cash Back for on-time rent payments
- Credit Builder and reporting
- Debt-free Express Paycheck to access paychecks early*
- No-fee rent payments
Designed for the average, everyday, American renter, Stake embeds banking services, payments, and financial amenities into over 100,000 American homes. Every property in Stake's network has access to free performance insights with Stake's Loyalty Cloud. With the addition of Circa, renters can use a wide range of payment methods including no-fee ACH, debit/credit card, and a no-fee cash rent payment network of 40,000 locations across the US. Payments are instant and reward renters for on-time payments with Cash Back. Stake integrates with all the leading Property Management Software companies ensuring every rent payment, and incentive, is recorded in the accounting ledger.
"Circa was founded to bring flexible rent payment innovation to renters," said Leslie Hyman, CEO and co-founder of Circa. "Renters need more options to avoid costly, and heart-breaking, evictions. With Stake, renters are rewarded with Cash Back. With Circa, renters in arrears are empowered with the tools to get current. Together, it's a perfect combination: performance payments meets performance rewards, with a shared mission to empower renters."
Stake's acquisition of Circa was completed earlier this month following a partnership between the two companies and was approved by the combined shareholders. Please see www.stake.rent for more details on loyalty, payments, and renter banking services.
Stake is a financial technology company and is not a bank. Banking services are provided by TransPecos Banks, SSB, Member FDIC. The Stake Visa Debit Card is issued by TransPecos Banks pursuant to a license from Visa U.S.A. Inc. and may be issued everywhere Visa debit cards are accepted.
Additional terms, conditions, and restrictions apply to the Cash Back Rewards program. Please see Cash Back Program Terms for more details.
*Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to two days earlier than the scheduled payment date. However, this availability is not guaranteed.
Contact:
Leslie Hyman, Head of External Affairs
[email protected]
About Stake:
Stake is the loyalty company for the rental economy. Stake aligns incentives between renters, operators, owners, and investors, so everyone earns the Return on Rent™ they deserve. Stake's revenue management tools outperform, returning 130% on every dollar spent. These savings return tens of millions of dollars to renters each year in the Stake app. Over one hundred thousand renters use Stake to earn Cash Back, grow their savings, improve their credit, and access free and equitable banking services. Headquartered in New York City and Seattle, Stake is on a mission to empower wealthier, happier, and more resilient renters. For more information, please visit https://www.stake.rent.
About Circa:
Circa is an innovative web-based payment platform that reimagines the way we pay rent, prioritizing choice, convenience, inclusion, and respect. It addresses the need for renters to have options beyond paying late under threat of eviction, which is a challenge for approximately 30% of US households that rent. For property owners, Circa simplifies rent collection, increases on-time rent and arrears collection, and improves resident relations.
SOURCE Stake
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