Seed-stage fintech disrupting rental industry with rent reporting platform, $1M revenue mark
AUSTIN, TX / ACCESSWIRE / June 6, 2023 / Boom, the leading rent reporting platform, has just announced their $4.5M Seed round, led by Starting Line with notable investments from Clocktower Ventures, Company Ventures, Gilgamesh Ventures, and Plaid Co-Founders William Hockey and Zach Perret. With this infusion of capital, Boom is set to revolutionize the renting experience for millions of Americans across the country.
"Starting Line invests in products that make life better and more affordable for the 99%. Using Boom's unique software-based solution, which is dramatically less expensive than competing products, nearly any American can now affordably improve their credit through rental reporting. Boom's long term mission is to make the growing trend of renting, the most flexible, affordable and rewarding way to live and I'm excited for their next products that make life even happier for renters", said Starting Line partner Ezra Galston.
Since launching in late 2021, Boom has rapidly established itself as a leading innovator in the space, creating the first-ever app (available on iOS/Android) that allows renters in the US to build credit using their largest monthly expense: their rent payment. With its revolutionary software-driven rent reporting product, Boom is offering its core product at a price that is 70% lower than its competitors.
With its "Renter First" model, Boom is dedicated to building the most seamless, consumer-friendly experience in the industry. As the only company in the space with a consumer app that reports to all three credit bureaus (Experian, Equifax, and TransUnion), Boom users have seen an average increase of 28 points in their credit scores within just two weeks of using the app.
Over the past 12 months, Boom has built a strong subscriber base, with a growth rate of over 450%. With its rapidly approaching $1M revenue run rate and an ambitious target of 4x revenue growth this year, Boom has attracted partnerships with major industry players such as Progressive, Apartment List, and national property management companies.
"We invested heavily into building our end-to-end software solution for rent reporting and consumer app layer and now we're focused on revolutionizing the entire Renter Experience, from both the renter and the apartment operator perspective," said Rob Whiting, CEO and co-founder of Boom. "This funding will help us accelerate our roadmap of housing-focused tools for renters and NOI-focused products for real estate operators."
Boom is available in the App Store, Google Play Store and at www.boompay.app.
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Rob Whiting
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SOURCE: Boom Pay Inc