Obligo, Wells Fargo Partner on Security Deposit Alternative
Lower Manhattan-based fintech company Obligo has unveiled a model, supported by Wells Fargo, that further enhances its product offering. Obligo is reportedly now the only security deposit alternative utilizing bank-issued letters of credit to provide apartment landlords and tenants with security, flexibility and ease of transaction.
Landlords and property managers using Obligo’s service can now enjoy enhanced protection via Wells Fargo LOCs, while renters are able to rent deposit-free.
“Wells Fargo has been an incredible advisor on this initiative,” said Roey Dor, CEO of Obligo. “They share our vision of leveraging existing bank products in new ways to support proptech innovation and have been extremely agile in helping this updated model come to life.”
Rahul Baig, managing director, head of venture capital coverage at Wells Fargo, said, “Wells Fargo works with leading edge fintech companies as they scale, and we are thrilled to work with Obligo on this unique solution.”
- ◦Financing