Paying rent on time can mean the difference between having a place to live, and well, not. Circa believes there is a simpler way to help renters keep a roof over their heads.
The Maine-based payment technology company has created a mobile-first platform to enable renters to pay on time each month. And, if you can’t pay the entire rent, Circa provides the option to break up the payments. Circa’s aim is to get out ahead of late rent, and in turn, foster a better relationship between property owner and renter. It is working with 1,000 units under management in the Northeast, Pennsylvania and in Sun Valley. It raised $2 million — with another bit of money coming in soon — to expand the kinds of properties it can work with. Investors in the round include Maine Venture Fund, Techstars and Hub Investment Group.
Its sweet spot is properties with between 1,000 and 10,000 units. The app and web platform integrate with the property owner’s current property management software. Circa will promote to residents that it is there.
Renters set up an account in minutes and can choose their payment method and schedule the payment — a feature that can be changed anytime if money is tight. There is an option to pay in full or split up the payments and have money pulled on different weeks. Circa sends notifications letting the renter know the payment is coming out of their account, and there is the ability to make a last-minute change.
