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Rent reporting platform Boom raises $4.5m

Rent reporting platform Boom raises $4.5m

Rent reporting platform Boom has raised $4.5 million in a seed funding round joined by Plaid co-founders William Hockey and Zach Perret.

Starting Line led the round, with participation from Clocktower Ventures, Company Ventures and Gilgamesh Ventures.

Launched in late 2021, the Boom allows renters in the US to build credit using their rent payment.

The company reports to all three credit bureaus - Experian, Equifax, and TransUnion - and claims that users have seen an average increase of 28 points in their credit scores within just two weeks of using the app.

Boom says it has built a strong subscriber base for its $2-a-month offering over the last year, with a growth rate of over 450%. It is approaching $1 million in revenue run rate an inked partnerships with industry players such as Progressive, Apartment List, and national property management companies.

Rob Whiting, CEO, Boom, says: "We invested heavily into building our end-to-end software solution for rent reporting and consumer app layer and now we’re focused on revolutionizing the entire Renter Experience, from both the renter and the apartment operator perspective."

"This funding will help us accelerate our roadmap of housing-focused tools for renters and NOI-focused products for real estate operators.”

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