Stake Grows Active Leases by 309%, Delivering Cash Back to More than 35,000 Renters
New York, Jan. 9, 2023 – Stake, which provides Cash Back and banking services to renters, today announced that it it grew active leases by 309% in 2022, delivering wealth-building solutions to tens of thousands of renters across the country while incentivizing on-time payments, decreasing delinquency, and increasing ancillary revenue for owners and operators. Multifamily, single-family, and student housing owners and operators deployed Stake, providing free, debt-free banking solutions to more than 35,000 renters across the U.S.
With rising mortgage rates, more individuals turned to renting in 2022, and today, 44 million individuals, or 36% of American households, rent. With 20 new product and partnership announcements this year, Stake delivered Return on Rent to residents as well as owners and operators. Recent releases included:
- Stake Visa® Debit, a first-of-its-kind no-fee, debt-free debit card, which provides residents with up to 5% Cash Back each month, as well as a free, no-minimum checking account and direct deposit.
- Stake1, a tool for property owners and operators to address renters’ financial needs in one place at one low cost.
- Credit Builder, which reports on-time rental payments to credit bureaus.
- Loyalty Cloud 7.0, the first all-in-one amenity and revenue management platform that makes it possible for owners and operators to target specific properties’ needs, change renters’ behavior, and track returns.
- Renter Wealth Creation Fund, a $250 million fund to turn rent payments into long-term wealth, created in partnership with Enterprise Community Partners.
Using Stake, owners and operators receive a 130% return on every dollar spent. Renters earn an average of 4% Cash Back on their rent each month. In the last two month of the year, the total number of renters around the country who earn Cash Back from Stake increased by 32%.
“Our mission to empower renters drives everything we do— from product releases to the Renter Wealth Creation Fund. We are thrilled that our movement is growing and that, together with owners and operators across the country, we are empowering millions of renters to live wealthier, happier lives,” said Rowland Hobbs, Stake Co-Founder & CEO.
Stake’s additional 2022 highlights included:
- Closed $12 million Series A financial round
- Featured in top media outlets including TechCrunch: Taking on Bilt, Stake aims to expand its cash-back rewards program for renters,Forbes:$250M Renter Wealth Creation Fund Closes First $47M Round, Taps Into Underused Asset Margins For New Model To Turn Rent Into Wealth, and The Real Deal: Pay rent, make bank: Stake pioneers cash rewards for renters.
- Recognized as Crowd Favorite at National Association of Realtors®’ iOi Summit Pitch Battle.
- Invited to share thought leadership in national industry events, including IMN’s Middle Market Multifamily Forum, C5 Summit 2022, Stewards of Affordable Housing for the Future, and CRETech New York 2022.
- Graduated from Second Century Ventures’ 2022 REACH Commercial Program.
- Hired six new team members, including Utkarsh Yadav, Head of Member Marketing, formerly at Meta; Allan Ziegler, SVP of Revenue, formerly at Knock; and Mia Hurley, Customer Success Manager, formerly at Greystar.
About Stake
Stake is building the financial infrastructure for the next generation of rentals. Stake aligns incentives between renters, operators, owners, and investors, so everyone earns the Return on Rent™ they deserve. Stake’s revenue management tools outperform, returning $2.11 on every dollar spent. These savings return millions of dollars to renters each year in the Stake app. Thousands of renters use Stake to earn Cash Back, grow their savings, and access free and equitable banking services. Headquartered in New York City and Seattle, Stake is on a mission to empower wealthier, happier, and more resilient renters. For more information, please visit https://www.stake.rent/
Stake is a financial technology company and is not a bank. Banking services provided by Blue Ridge Bank N.A; Member FDIC. The Stake Visa® Debit Card is issued by Blue Ridge Bank N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
