Rent reporting fintech Boom has raised $4.5 million in a seed round to fuel the company’s growth. The funding will bring strategic expertise and capital to improve user experience, expand product offerings and market its app.
Boom is reinventing the way credit reporting works, by giving credit to those with a solid payment history on rent transactions. These rent payments, which represent the largest monthly expense for most people, are not currently tracked in most credit reports. Boom aims to extend access to credit to those who have a good track record for rent payments but lack the credit score to obtain a loan, such as first-time borrowers, immigrants and the unbanked. The seed round was backed by major investors such as Flex Fund Capital, Zelkova Ventures and Global Founders Capital.
The most important points of this text include:
• Boom has raised $4.5 million in a seed round to fuel the company’s growth
• Investors such as Flex Fund Capital, Zelkova Ventures and Global Founders Capital have backed the round
• The funding will be used to improve user experience, expand product offerings and market the app
• The app will extend access to credit to first-time borrowers, immigrants and the unbanked by allowing rent payments to be tracked on credit reports
• Rent payments, which are the largest monthly expense for most people, are not currently tracked in most credit reports.
You can read this full article at: https://www.housingwire.com/articles/rent-reporting-platform-boom-raises-4-5m-in-seed-round/(subscription required)
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