What the company does?
Snappt’s software helps property managers for multifamily communities accurately detect when financial documentation, such as pay stubs and bank statements, have been fraudulently altered. This helps properties avoid costly evictions and keep high-risk residents out. By detecting this fraud, Snappt helped its customers avoid more than $105 million in bad debt in 2021.
The Current Landscape
Landlords and property managers are struggling because of the pandemic, eviction moratoriums, and an increase of sophisticated fraud techniques. In fact, one in eight applicants (12.2%) commits application fraud and 10,950,000 fraudulently altered financial applications are submitted each year - costing multifamily property owners and operators millions of dollars in lost revenue and eviction costs every year ($7,500 per eviction on average). This growing fraud epidemic in the multifamily space has resulted in unpaid rent, property damage, and at-risk assets.
Company Birth Story
Snappt was founded in 2017 by Daniel Berlind, a former professional baseball player-turned-entrepreneur, and Noah Goldman, the former managing partner of a property group. They built their property technology (PropTech) company to fight a growing challenge they both experienced when renting out family properties in Southern California.
The Solution
Snappt’s fraud detection service – quick, inexpensive and data-driven – was an instant hit, with sales doubling on average every three months since 2019. In 2021, the company realized revenue growth of +700%.
More than 1,000 multi-family communities – including four of the top five property management firms in the US – use Snappt to help their leasing teams reduce fraud, minimize evictions and speed up the leasing process. Snappt’s software helps property managers spot altered financial documentation, such as pay stubs and bank statements.
In March 2022, Snappt secured $100 million in Series A funding, led by New York-based global private equity and venture capital firm Insight Partners. Snappt will use the funding to develop products, sell and market solutions, and extend market reach.
A Customer Story
"Snappt is simple, inexpensive and accurate. Our onsite team is happy and that means Catalyst is happy" said Laine Gomez, Operations at Catalyst.
A founder quote
“Our vision is to dramatically lower the number of fraudulent tenant applications that go undetected, helping our customers save millions in eviction costs and minimize risk,” said Daniel Berlind, CEO and cofounder of Snappt.
Check It Out: https://www.snappt.com/
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