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Flexibility During Crisis: RentMoola Empowers Renters In Uncertain Times

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“We get to know our customers. Their unique needs and stories help shape what we do so we can personalize our services to give them an industry advantage.”

During a time when it is essential for renters to take control of their finances, RentMoola, an innovative FinTech company, aims to provide landlords and their tenants the means to have more financial control, enjoy additional flexibility, and have access to more financial tools.

Renters who spend more than 30% of their income on housing, are considered cost-burdened. According to a new report from the Joint Center for Housing Studies of Harvard University, 1 in 4 Americans now spend more than half of their monthly income on rent nationally.

More concerning, during pre-pandemic times, 78% of Americans and 53% of Canadians say they are living paycheck to paycheck (CareerBuilder and BDO Canada’s Affordability Index). This is an indication of the widespread burden to renters in urban areas where rent is unaffordable and income inequality is growing.

Leading the Way Towards More Financial Control

In November of 2019, Karthik Manimozhi took over as CEO of RentMoola. He has a record of continued career success, managing several global businesses across Europe, Asia, Middle-East, and the Americas.

Manimozhi started his career in the early 2000’s right after the dot-com bust. He was recruited by SAP, a world-leading software company, and was one of the first Green Card holders to immigrate to Germany. During the financial crisis of 2008, Manimozhi was in charge of SAP’s mid-market business in the United Kingdom & Ireland. This global experience shaped his thought process and philosophy on the importance of second chances and how lack of liquidity affects the mainstreet businesses. After his long relationship with SAP, Karthik led multiple other global SaaS FinTech companies to success.

Today, Manimozhi is navigating RentMoola through the global COVID-19 pandemic. A few months into his visionary leadership, the company is providing much needed services to consumers, which has resulted in impressive growth with annual recurring revenue increasing 64% and new users increasing by 35% compared to the previous year.

Manimozhi recognized the incredible potential to expand the capabilities of an already leading payment solution and transformed it into a comprehensive, simple, secure one-stop-shop where customers can take control of their finances.

In Conversation with Karthik Manimozhi, CEO of RentMoola

Q. What Are the Challenges Addressed by Your Solutions?

This increased lack of liquidity caused by the COVID-19 economy has brought out Three Waves that are sweeping the rental industry: 

  • There is an urgent need for the digitization of payments to allow for contact-free transactions.
  • Renters now prefer to use credit cards to pay rent to keep cash in their bank accounts.
  • Finally, the cash-cliff is approaching. Unemployment checks have drastically reduced incomes, thus, leading to deferred rents. These postponed payments cause financial stress to landlords. As people use credit cards with interest charges, renters are now realizing this has only bought them 30-60 days - rent will still be due and their interest payments will accrue.

While financial control was necessary prior to the pandemic, there is a need for more flexibility in the form of liquidity; RentMoola provides this solution.

Q. How Does Your Platform Address These Issues?

RentMoola has solutions across all Three Waves. Our 360° payment solutions offer tenants maximum flexibility and convenience. With the widest payment network, tenants have the flexibility to pay with their digital wallets, debit, credit, in-store, over the phone, via bank transfer, and more. This enables tenants to pay conveniently and be completely contact-free.

As unemployment rises, more people struggle with the ability to cover their biggest expense - rent. According to CNN, 31% of Americans did not pay rent between April 1-5, 2020. Now, we are facing Wave 3 of the COVID-19 economy.

Though stimulus checks and relief programs are providing temporary liquidity, they are not sustainable solutions to address the decades-long housing crisis. It is difficult to imagine how families who already allot 30%-50% of their pre-tax income on rent will be able to cover expenses when such programs expire.

One of the new solutions to be available on the RentMoola platform is the ability for tenants to access customer credit, providing full flexibility to pay rent on time. Similarly, property managers will be able to access working capital. An industry first, these solutions provide renters and landlords the liquidity they need.

Q. Do You Have Any New Services Available or Launching Soon?

As landlords and tenants navigate the new era of renting, we are advancing RentMoola’s products to allow them to manage their entire experience in our platform.

With the needs of renters changing, property managers are facing different challenges. We’ve recently launched tenant screening features to help landlords mitigate risks and identify their ideal tenants. Beyond the typical background and credit checks, our platform will use smart data to assess risk and prevent discrimination against tenants who may have a poor credit history.

Renters can also access renter’s insurance and we report their rental payments to credit bureaus to improve their credit scores. Soon, they will also be able to access renter-friendly security deposit alternatives that will also help the liquidity problem.

At a time where we must all shelter in place, we are launching services this year that will make buildings better places to call home and still feel part of their community. Through our partnership with UR Concierge Services Inc., building managers are able to stay connected with their tenants, and their residents can better connect to their community online.

Q. How Do You Decide to Take the Company a Step Further in Terms of Your Services?

At the core of improving our services is focusing on our customers’ needs and providing the best solutions that will make their lives easier. At RentMoola, we get to know our customers. Their unique needs and stories help shape what we do so we can personalize our services to give them an industry advantage. Through listening to these stories, and not the competition, we are able to best serve each and every RentMoola customer.

When you serve the most vulnerable, you benefit everyone. This is why every solution on our roadmap aims to solve the issues that most severely impact people’s lives, and more importantly, helps the most vulnerable in our societies.

Meet the leader behind the success of RentMoola

Karthik Manimozhi is the CEO of RentMoola.He is a prolific rainmaker with 20+ years of International management track record in mobilizing complex ecosystems to deliver Multi-Billion Dollars in Global Enterprise Software businesses.

Manimozhi graduated with an Engineering Degree in his hometown of Chennai, completed his Masters in International Management Degree from ESCP EAP in Paris, and obtained his Masters in Business Administration, MBA, from Purdue University, IN.

He firmly believes that the financial space is ripe for disruption and that complex problems require bold solutions that can only be stitched together by an ecosystem of diverse world-class partners.