Stake, a NYC- and Seattle, WA-based startup that provides Cash Back and banking services to renters, closed a $12m Series A financing round.
The round was led by RET Ventures, with participation from Enterprise Community Partners, Hometeam Ventures; Operator Stack, Second Century Ventures, Shadow Ventures and Olive Tree Ventures. John Helm, partner at RET Ventures, will join Stake’s board.
The company intends to use the funds to continue building out its financial infrastructure and suite of solutions that address difficult issues for renters and property owners alike.
Led by Rowland Hobbs, Co-Founder and CEO, Stake enables renters to earn Cash Back when they take positive actions, like signing a lease and paying rent. Owners save money with every renter action. Leveraging behavioral science, the company also mitigates pain points for building owners, increasing lease-ups, reducing economic vacancy, improving maintenance, and increasing ancillary revenue.
