PadSplit operates a coliving marketplace that provides private rooms and shared common areas with no large upfront fees, no long-term lease, no minimum credit score, and one all-inclusive weekly price covering utilities. The company reports having housed more than 75,000 people across over 32,000 rooms in 40 U.S. markets, with a median resident income of $32,500 and 83% of residents employed. PadSplit’s model allows residents to customize their rent due date to align with payroll and aims to reduce financial barriers by eliminating first/last month’s rent and security deposits. The company is structured as a public benefit corporation and operates as a fully remote organization. With the new debt facility from ORIX USA, PadSplit plans to invest in technology and data infrastructure and scale its platform to serve more residents and property owners nationwide.

Total raised

$31M

Funding rounds

3

Latest round

Series B

Latest activity

Nov 2021