Piñata, which describes itself as a rental club whose incentive system makes the renting process easier for tenants and landlords alike, raised $13 million in a Series A funding round, the company stated in a news release.
The Newark, New Jersey, company runs an app that gives users points for paying their rent on time. The company said in its announcement that the funding will let the company “build its growing team and make paying rent smarter and more rewarding for millions.”
Pinata was founded in mid-2020.
Revenue grew by 1,100% over the 12 months since the end of January 2022, the company stated. Users, the company stated, grew by more than 600% and property managers by 300%.
The company states its mobile app “is available to any renter in the U.S.”
“We’re thrilled to be partnering with Wilshire Lane Capital. This is a heavy-hitting team of proptech and real estate experts,” said Lily Liu, co-founder and CEO of Piñata.
The Series A round was led by existing investor Wilshire Land Capital and brings Piñata’s total funds raised to $20 million, according to…