Circa (formerly EppoPay) raised $2M from investors, including Maine Venture Fund, Techstars, Hub Investment Group, etc. Of course, that's nothing compared to similar startups. However, Circa is different and worth it -- it actually serves a purpose, introducing a new rent model.
With Circa, renters have options beyond forking late fees under the threat of eviction. For example, instead of paying every first of the month, Circa users can "stretch it" and break up the payments into four installments, while the property owner gets the whole amount on time.
"We created a genuine win-win situation that helps renters pay their rent on time, secure housing stability, and improve their credit, while property owners collect more rent more efficiently, avoid evictions, and cultivate community," said Leslie Hyman, co-founder and CEO of Circa.Circa Funded to Reinvent Rent
Unfortunately, according to statistics, out of 43 million American renters, 3.6 million are threatened with eviction every year. In addition, between 38% and 54% of renter households are either moderately or severely cost-burdened and more than $15 billion in rent is paid late every month.
Per Statista, the average rent of a two-bedroom apartment was $1295 at the beginning of 2022, up from $1100 in 2021. In addition, as of March 2022, rents increased across all states in the USA, in some cases by over 20%. All these figures considered, Circa offers advantages for both residents and owners.
For proprety owners:
As you can see, Circa's advantages for both owners and residents reflect the company's mission to build stronger communities through payment innovation.
"The key to Circa is the convenience and simplicity for the user. It better fits into how we pay for things in a modern world. Circa also has an amazing social impact component that could affect millions of households by bringing housing stability and improved potential for upward mobility," said Lars Perkins of Techstars, one of Circa's investors.Circa Funded to Reinvent Rent
Many renters still pay their rent by check in the USA. However, Circa eliminates the paper trail offering residents alternative, eco-friendly payment options: bank transfer, debit or credit card, or cash at a local retailer like Walmart or CVS.
"This is much more reliable than sending checks that get lost in the mail," said a Circa user. Similar testimonials come from many others.
In addition, all the payments made through Circa contribute to the renters' credit history and boost their credit scores because Circa only reports successful on-time payments.