A Canadian financial technology startup is launching a platform that makes it easier for independent landlords to manage their rental.
“Our mission is to build tools to make being an independent landlord more manageable,” states Padder.
Based in Toronto, the fintech platform’s suite of tools includes property pricing, application screening, and tenant communications.
“To help as many landlords as possible, our core tools for landlords are free, with no strings attached,” the digital-forward company states online.
Pricing algorithms set optimal rates while the screening process gathers applicants’ credit reports and identity verification.
Automated rent collection reduces payment friction while tenants and landlords gain tradesperson support from Padder regarding potential repairs.
“Tenants can also build their credit history with rent payments and communicate maintenance issues at no extra cost,” adds Padder. “We want to make being a small landlord easier and a tenant more rewarding.”
The company is one of 12 fintech firms competing for this year’s annual Digital Commerce Bank Calgary Fintech Award. The award application, initially open only to Calgary-based fintech startups, was this year broadened to include all Canada-based fintech companies.
Last year’s winners included Fillip Fleet and Woveo, two startups that took home a grand total of $310,000 in non-dilutive cash to accelerate their businesses.
Padder’s platform and business model is similar to that of other tenancy startups, such as RentPerks, based in Vancouver. The BC startup offers a unique rewards scheme known as the REM tenant loyalty program, which allows tenants to earn REM points for activities such as paying rent early or on time, keeping their rented properties in good condition, and even referring friends to vacancies.
Padder was founded in Toronto in 2021.