Technology

Rent is due: Domuso covers cash-strapped tenants’ backs for a price

Rent-collection service takes on a renter's housing costs if they agree to pay it back with interest

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Many landlords won't offer any flexibility to cash-strapped renters who can expect late fees and eviction notices when they miss payment deadlines. Domuso, a rent-collection platform for landlords and property managers, has found an innovative way to offer tenants some breathing room: It will cover their rent if they agree to pay Domuso back -- with interest. Because landlords would prefer to avoid evictions, some of Domuso's landlord customers want the startup to provide the financing, even though they must remain in the dark about who receives the relief, according to Domuso CEO Damian Langere. "What I saw here was an opportunity to build financial technology built for rental payments … to be able to really change the industry's view of the rental payment," Langere said. Boasting adoption by landlords representing 10,000 units, Domuso recently raised an additional $3.1 million funding, bringing its total funding to $5.8 million. A majority of investors who participated ...