
Rental software platform 100 is helping to streamline the rental application and screening processes with fraud-resistant security features. The real estate technology firm has raised $5.2 million in a pre-seed funding round and partnered with security identity company CLEAR to launch its Verified Renter Network.
The pre-seed funding, which had investment from MetaProp, Freestyle Capital, RiverPark Ventures, Contest Point, and a coalition of top multifamily operators nationwide, will be deployed to develop and enhance the Verified Renter Network and invest in new team members.
The Verified Renter Network has benefits for both multifamily operators and renters. It identifies people who present minimal fraud and security risks to multifamily owners and operators. In addition, it provides renters with a streamlined application and screening process. To become a Verified Renter, individuals must go through a background check and meet specific standards set by a consortium of owners and operators. Once verified, it then makes the application process quicker for residents and operators.
“100 represents much-needed relief for multifamily operators burdened with record levels of fraud and debt. We are setting a new standard in the rental application and screening process, and I’m thrilled to join forces with CLEAR to do it,” said 100 co-founder and CEO Caren Maio. “By leveraging CLEAR’s networked identity solution, we are setting a new standard for efficiency and security in residential real estate. This partnership is game-changing.”
This marks the first time CLEAR, a familiar name at airports, has partnered with a real estate software company. Members of CLEAR can enroll in the Verified Renter Network with just a few clicks, and CLEAR Plus members can enroll for free for a limited time.
“We’re thrilled to collaborate with 100 to enhance efficiency and security for real estate operators and provide renters with a frictionless experience when selecting their new home,” said Derek Gottfrid, chief product officer at CLEAR. “In an industry facing significant challenges with fraud and identity verification, it’s essential to deliver a safer and more streamlined experience for both renters and property owners.”
According to Guntram Weissenberger, president of Westover Cos., which has 17,000 units in more than 80 communities in the Northeast, 100 is changing the resident interaction for the better.
“100 revolutionizes how we interact with our tenants form the start. Our teams no longer spend countless hours verifying applicant information while prospective tenants wait for our decision,” he said. “100 helps us deliver great experiences on both sides of the equation and saves us time and money while we do it.”