Identity verification startup CheckpointID scores $1.5 million Series A funding to eliminate rental fraud and make renting safer
With more than 125,000 apartments listed online, it’s not surprising to see that online rental scam is on the increase. According to ApartmentList.com, 5.2 million U.S. renters have lost money from rental fraud. A new tech startup is on a mission to reverse the trend. Armed with $1.5 million in Series A funding round from by RET Ventures, CheckpointID, an identity verification startup company in the multifamily space, is aiming to put an end to rental fraud.
Goodyear, Arizona-based CheckpointID is one of the fastest growing startup companies in the multifamily space, going from 21,000 units deployed in January 2018 to over 125,00 units by December 2018. The company plans to use the new capital infusion to expand its team to meet increased demand in the multifamily industry. Founded in 2017 by Ryan Antrim, the startup provides ID verification and data collection SaaS for apartment managers. Its multipoint ID verification software delivers asset managers newly available and highly desirable information, as well as tools to turn this new information into revenue.
CheckpointID’s ID verification as Service (IDVaaS) creates point-of-transaction transparency with customers prior to apartment tours and move-ins. With CheckpointID, multifamily owners and operators can securely verify all guest IDs through a simple scan, enabling asset protection from criminals renting with a stolen identity, ensuring a safe touring environment, and aggregating demographic data from tours to better market properties.
“Three percent of all apartment tours begin with a forged ID, which allows potential renters to hide everything from bad credit to a criminal history. This endangers not only the touring agents, but also everyone living in the entire multifamily property,” said Terry Slattery, CEO, CheckpointID. “RET Ventures has a great track record of helping multifamily technologies succeed and scale quickly which is why the firm is the perfect partner to help us maintain our momentum and better protect multifamily owners, operators, residents and their assets.”
CheckpointID is the industry leader in recognizing sophisticated front & back forgery methods. By matching thousands of lines of code against government databases at machine speed, CheckpointID is able to immediately detect inaccuracies in a potential renter’s documentation and alert multifamily operators of the forged credentials.
“CheckpointID provides the best technology to ensure the safety and security of multifamily operators and their residents,” said John Helm, Managing Director, RET Ventures. “The Company is a perfect fit for our Fund as it brings innovative technology and is led by a group of multifamily veterans who truly understand the complex rental space.”