The fintech company Qira announced today that it has raised $ 8 million (approximately NIS 26 million) from a number of investors led by the Phoenix insurance company. The company plans to issue an initial public offering on the Tel Aviv Stock Exchange in the near future.
Qira is an Israeli fintech company operating in the United States, which mediates between homeowners and tenants and allows suitable housing seekers to rent an apartment without paying a cash deposit in advance. The company allows tenants to meet their rental obligations by assisting with flexible rent payments, while adjusting the rent payment schedule to their cash flow needs. Should the landlord need to exercise the security check at the end of the rental period, Qira pays it and thus provides double protection to the landlord. The rent is always paid according to the homeowners’ payment schedule, thus reducing the risk of non-payment.
Through Qira’s financial products, it is easier for asset managers to attract quality tenants, increase their financial efficiency and ensure timely payments. The money raised will be used to provide end-to-end services to the housing clusters (Multifamily).
Kira currently manages over 500 properties, and a total of about 6,000 customers rent on its platform, and it expects a threefold increase in the number of participants by the end of 2021.
The company was formed as a result of a recent merger between Rentigo (payment processing) and HelloRented (underwriting), which created a unique platform that will add value to asset managers and add flexibility to tenants. Both companies are backed by private investors in fintech and real estate. Qira is led by CEO Bill Staniford, former CEO of Propertyshark and Revital Gadish, former Payoneer CFO.
Guy Porat, Director of Global Real Estate Investment at Phoenix: “Given the current state of the U.S. real estate market, the connection between fintech products and the housing cluster segment has become more important. FinTech is starting to do for real estate what it has done in the last decade for e-commerce. As a full-service platform, Qira can provide bank services, insurance company and credit provider to tenants and property managers. We are pleased to support Qira which continues to increase its products and financial services It”.