Calgary’s Zenbase, a leader in flexible rent payments, has secured $4.1 million in seed funding led by Global Founders Capital with other investors contributing, including Garage Capital and N49P Ventures.
With this seed 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 delivers 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 on-time rent collections and eliminate operational overhead.
Since Zenbase launched, it has saved more than $700 at an annualized rate per resident by having them avoid overdraft and late fees. In addition to the rent product, more than 40% of Zenbase members have also used its fee-free cash advance service to cover utilities, groceries and gas.
“It’s expensive to be poor with late rent payments costing a resident as high as $150 each time. We are leveling the playing field by giving Canadians the flexibility that they need without getting penalized. We pay a resident’s rent in full on the first of the month, eliminating late rent payments for property managers,” said Koray Can Oztekin, CEO and Founder of Zenbase.
“The resident then has 30 days to complete their rent payments with us and can align them with their paydays if they like. It’s a win:win for the residents and property managers.”