Investment accelerates the automation of income verification in property management, consumer reporting, and consumer lending.
Seattle – March 28, 2023 – Payscore, the PropTech company automating income verification for property managers and consumer lenders, announced the successful close of a financing round led by ffVC of New York. SeaChange Fund, Hamilton Ventures and Seattle’s Alliance of Angels also joined the round. “Verification of income deserves disruption on both sides of the transaction,” said Mark Fiebig, CEO and co-founder of Payscore. “We’re making it simple for applicants and operators to easily share and accurately assess the truth about income.”
The industry’s historic reliance on paystubs to verify income leads to problems. Inaccurate and unfair income assessments are frequently subject to delay, and often leave operators exposed to fraud and liability risk. In response, co-founders Fiebig and Stephen Arifin, CTO, developed a solution that delivers accuracy by design. Arifin says, “Eliminating waste from an old-school process ignites the engineering team every day. We’re delivering efficiencies and accuracy like no one else in the industry.” In fact, Payscore has stripped at least an hour out of time spent processing each candidate and has accelerated a cumbersome process while also minimizing the operators’ liability exposure risk due to fraud.
“When verifying income, accuracy is everything,” said Alex Katz, MD Partner at ffVC and Payscore board member. “By analyzing consumer-permissioned data, Payscore ensures every applicant is evaluated fairly and objectively, even when income is cash-based, like tips, or fluctuates, like commissions.” Facilitating this digital migration for industry, Payscore yields the delivery of accurate income reports at a rate of 2-3X other options.
Payscore eliminates a root source of fraud by integrating directly with financial institutions, reporting 100% bank-verified data and eliminating the need to collect and evaluate financial documents, or to guess whether those documents have been falsified. Fiebig noted, “We deliver the truth about income.”
The U.S. residential rental market is comprised of roughly 42 million units with an average turnover of 3 years, and multiple applications per vacancy. “Rental demand exceeded supply for the last 10 years, consistently 35 percent of us are renters, and the market for income verification is large, growing, and self-renewing,” said Prashant Kothari, MD of Hamilton Ventures, and the newest investor in Payscore. “The emerging dynamics of the modern workforce, inflation, and interest rate pressures create demand for property managers to reduce costs by automating processes, broadly increasing the value of Payscore’s solution.”
Payscore has decades of experience in the property management and software industries. Mark Fiebig succeeded in leadership roles at venture-backed and self-funded technology startups in several sectors including in real estate, and specifically in property management and vehicle dealership operations. Stephen Arifin and his engineering team provide technological leadership, having successfully shipped multiple products inside Microsoft, Amazon, and Meta. Additional members of the team each have over 30 years of directly relevant expertise. This combination, including a customer-driven design and a bootstrapping mentality, makes this the right team to scale Payscore.
Payscore established its beachhead delivering property management efficiency and is eager to leverage Hamilton’s strategic real estate network to accelerate growth.
About ffVC
ff Venture Capital is an international venture capital firm headquartered in NYC with seven funds across the US and Europe. Since 2008, ffVC has been empowering startup founders with seed funding and resources to launch transformative technologies that have improved the lives of millions worldwide. The ffVC model is simple – invest early, stay highly engaged, and focus on revenue growth. Our team works actively with founders to develop products, target markets, and accelerate growth. Learn more at ffvc.com.
About Hamilton Ventures
Hamilton Ventures is a seed-stage venture capital firm investing in proptech and real estate tech startups. Today, real estate and technology are at an inflection point: AI, machine learning, data and analytics, and software-as-a-service are on the verge of wide deployment in real estate. Our definition of real estate is broad – covering residential, commercial, construction, climate technologies, and hospitality. Hamilton’s mission is to help proptech founders accomplish their goals by leveraging the collective expertise and network of our investors –former real estate CXOs, entrepreneurs, and financiers. Learn more at hamiltonventures.io.
About SeaChange Fund
SeaChange invests in early-stage startups in the Pacific Northwest. We provide passionate founders the funding and guidance they need to grow their startups into strong, scalable, & successful companies.
About Payscore
Payscore delivers automated income verification reporting to resolve the most common challenges faced by onsite property management teams, credit reporting agencies, and consumer lenders. By automatically connecting to 99% of financial institutions in North America, Payscore generates uniquely valuable insight and eliminates a major source of fraud, delinquency, and eviction; increases accuracy and efficiency; and helps ensure increased compliance and objectively fair income analyses.
Media Contacts
Craig Fiebig
Chief Marketing Officer, Payscore
craig@payscore.com
