Calgary, Alberta–(BUSINESS WIRE)–Zenbase, a leader in flexible rent payments, today announced that it has secured $4.1 million in seed funding led by Global Founders Capital. With this funding round, Zenbase will expand beyond Alberta, Manitoba and Saskatchewan into Ontario, British Columbia and the Maritimes.
Zenbase enables the most flexible rent payments ever and provides rent day bliss on the first of the month by allowing residents to split their monthly rent payments. They can pay on a personalized rent payment schedule reducing their financial stress and improving resident satisfaction. Zenbase partners with property management companies to increase timely rent collection and eliminate operating overhead.
Global Founders Capital (GNC) led the funding with contributions from other investors including Garage Capital and N49P.
Since launching Zenbase, he has saved over $700 at an annualized rate per resident by avoiding overdrafts and late fees. In addition to the rental product, more than 40% of Zenbase members have also used its free cash advance service to cover utilities, groceries and gas.
Koray Can Oztekin, CEO and Founder of Zenbase, said: “It’s expensive to be poor with late rent costing a resident up to $150 every time. We’re leveling the playing field by giving Canadians the flexibility they need without being penalized. We pay a resident’s rent in full on the first of the month, eliminating late rent payments for property managers. The resident then has 30 days to make their rent payments with us and can align them with their paydays if they wish. It’s a win: win for residents and property managers.
Alexander Mcisaac, Partner, Global Founders Capital, said“Over 50% of Canadians live paycheck to paycheck and housing stability is crucial to their financial health. Zenbase provides financial solutions to these communities to help renters save money and to increase their financial security. Following a national increase in the cost of living and rent hikes, their platform is needed more than ever.”
Zenbase, a leader in flexible rent payments, is committed to economic inclusion that promotes financial empowerment for tenants. Our solutions improve the financial well-being of tenants while improving the operational efficiency of property managers. Rent is usually due on the 1st of the month, but that doesn’t fit with most people’s semi-monthly pay cycle. We’ve corrected this misalignment and provided other financial tools to help level the playing field. Learn more: https://myzenbase.com/