Snappt, a Los Angeles-based fraud detection platform for the multifamily housing industry, has acquired Trigo, a New York-based rental verification technology company. The acquisition is supported by a $50 million committed credit facility from Hercules Capital.
The acquisition enables Snappt to enhance its platform with Trigo’s proprietary technology, which specializes in verifying rent payment history in real-time. This addition complements Snappt’s existing AI-powered solutions that help property managers detect fraudulent financial documents during the leasing process.
Trigo’s core product pulls rental payment data directly from the source, offering greater accuracy in tenant screening. This technology will be integrated into Snappt’s system to improve applicant verification and reduce operational risks for property managers.
The $50 million growth financing from Hercules Capital will support Snappt’s broader expansion efforts, including technology upgrades and market reach. The financing provides Snappt with capital to invest in scaling operations and further developing its fraud detection capabilities.
Founded in 2019 and led by CEO James Hyde, Snappt offers income and fraud detection tools that help multifamily housing operators identify document tampering and mitigate eviction-related losses. The company claims its platform can detect even subtle document alterations, enabling leasing teams to screen applicants more accurately.
Trigo, led by CEO Sam Stein, brings expertise in verifying tenant rental history through direct source connections. This acquisition positions Snappt to provide a more complete applicant screening workflow across the multifamily housing lifecycle.
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By Proptechbuzz
By Ravi Kumar