Piñata operates a renter-facing payments and rewards platform that helps tenants build credit and earn rewards tied to rent payments. The company leverages AI to streamline the renter journey and offers a free mobile app (4.6 rating on Apple iOS). Concurrent with the announced investment, Piñata launched PiñataPay, a dedicated bank account and Visa debit card to simplify reward spending and credit-history building. Piñata says it partners with properties nationally to expand access for renters regardless of location or credit score. The company is positioning itself to grow its fintech offerings while continuing to serve landlords and tenants with value-add tools and services. Piñata, launched in mid-2020, partners with property management companies and offers renters in-app currency called Piñata Cash for on-time rent payments and an option to have payments reported to major credit bureaus for free, per CEO Lily Liu. The platform is open to direct-to-consumer renters and does not require tenants to pay rent through Piñata; it processes perks and rewards using payment data provided by landlords or property managers. From January 2021 to January 2022 the company saw more than 600% growth in new users, nearly 300% growth in new property management partners, 1,100% growth in revenue, and reports just over 220,000 active renters. Piñata’s business model is multi-sided: it generates revenue from property management companies and landlords via monthly subscriptions for premium customizable programs and from brands and partners through business development fees. The company plans to use new capital to add more financial features, additional perks, rewards and reporting opportunities and to boost headcount (currently 27 employees). Piñata’s stated mission is to improve the financial lives of the more than 100 million U.S. renters and to strengthen tenant–landlord relationships.

Total raised

$13M

Funding rounds

2

Latest round

Series A

Latest activity

Feb 2022