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Stake<\/strong>, a financial tech company that provides cash back and banking services to renters<\/a>, raised $12 million in Series A funding to build out its platform and suite of solutions for renters and property owners.\u00a0<\/p>\n The financing round was led by real estate technology investment firm RET Ventures<\/strong> and also included participation from Enterprise Community Partners<\/strong>, Hometeam Ventures<\/strong>, and Second Century Ventures<\/strong>, the investment arm of the National Association of Realtors<\/strong>, Stake said Monday. <\/p>\n “Unlike homeowners, renters rarely reap financial benefits from paying their homes and families who rent tell us they could use a little extra cash each month,” said Rowland Hobbs, co-founder and CEO at Stake. Hobbs added that the platform allows renters to build a \u201crainy day fund\u201d by making their largest expense also their largest source of savings.\u00a0<\/p>\n Founded in 2018, Stake provides an average of 4% cash back to renters when they pay monthly<\/a> rent using Stake and offers a no-fee banking service, according to the firm’s website.<\/p>\n The company makes profit by charging a transaction fee for every cash back to rental owners and operators. In return, every $1 spent with Stake returns on average $2.11 to owners and operators by replacing marketing and unmanaged expenses, Hobbs said.\u00a0<\/p>\n The firm\u2019s website shows a total of $140 million leases are offered on Stake. Renters that use Stake for their monthly payments are 50% less delinquent than those who don\u2019t use the platform and result in 30% more rental renewals, according to the company. <\/p>\n The post Stake, a fintech that offers cash rewards to renters, raises $12M<\/a> appeared first on HousingWire<\/a>.<\/p>\n