RentMoola partners with PayPal to disrupt the rental industry

By Pavithra R

RentMoola Payment Solutions (RentMoola), a FinTech SaaS platform in the real estate industry has announced that the company has entered into a strategic partnership with PayPal to address financial inequality.

The partnership is born out of the mutual goal of addressing financial inequality, made more pronounced by the current COVID-19 crisis. In this COVID-19 era, the need for flexible consumer solutions to cover monthly payments like rent,  insurance, mortgages, utilities, and other bills are more than ever. According to CareerBuilder and BDO Canada’s Affordability Index, nearly 78% of Americans and 53% of Canadians said they are living paycheck to paycheck, even before the Pandemic.

Through the collaboration, RentMoola’s platform will offer secure financial (payments, transactions or payment)  options through a simple, reliable, and integrated solution leveraging PayPal’s full range of consumer business solutions including their digital wallet.

“Unprecedented times require innovative companies to come together to provide better solutions for our customers. We are optimistic about forging alliances with industry vertical experts like RentMoola to give consumers more flexibility in navigating this crisis,” said Dan Leberman, vice president, partnerships, PayPal.

The solution enables tenants to use their digital wallets to pay rent using PayPal. Through the alliance, the companies expect to provide real solutions in democratising access to financial services, providing more solutions to underserved communities, and providing renters and business owners with new ways to manage their finances.

“This collaboration is just one of our first steps in fulfilling the company’s mission to provide holistic financial solutions that are built with customers in mind. We are moving fast—especially now that there is a dire need for better options,” said Karthik Manimozhi, CEO of RentMoola.

Recently PayPal announced $530 mn commitment to dismantle racism in all its forms.

“By working together, we are opening up new avenues that offer tenants and property managers more financial flexibility at this difficult time,” said Brian McDonnell, Senior Director, Sales and Business Development at PayPal.

Established since 1998, PayPal is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.