Property management and payments system provider Domuso says it’s just landed $3.1 million in funding to build out its product offering, which uniquely serves renters by letting them pay late rent over an extended period of time.
Domuso is essentially a property management and payment solution provider that also loans renters money when they find themselves in circumstances beyond their control. For example if a renter loses his or her job or gets hit with a massive medical bill, they might not be able to pay the rent. With Domuso, they can take out an installment loan that lets them repay the amount over 6 or 12 months, as opposed to being slapped with a fine for late payment.
The company says it can approve loans in just 30 seconds.
Domuso admitted to TechCrunch that its loans are more expensive than bank loans, but said their rates are more competitive than most credit cards. What’s more their loans are more accessible too, as the company relies on its own tenant data, such as their past payment history.
Besides providing loans, Domuso also serves as a general payment portal for renters.
The company says it currently manages more than 30,000 rental units, including 7,000 owned by a real estate investment firm called Gelt, which is owned by the same people as Domuso.
Domuso hasn’t said how many of these 30,000 units have taking advantage of its loan offerings, but when it first launched it claimed around 4,000 of the original 20,000 units it was serving used the feature.
With the new funding, the company said its plan is to integrate its platform with additional rent payment providers and enhance its data and risk management systems.