The Ascent program validated Obligo’s ability to integrate with BNY Mellon’s banking portal and serve its real estate clients
Obligo announced the completion of its proof of concept as part of BNY Mellon’s Ascent Program, which seeks out exceptional technology companies offering cutting-edge solutions for financial industry challenges and collaborates with them to expedite growth. During the proof of concept, Obligo and BNY Mellon validated Obligo’s ability to integrate into core banking services such that it would be able to provide its service to the bank’s clients directly from their banking portal.
Obligo’s product suite powers a trusted and streamlined rental experience for both landlords and renters. Obligo provides landlords and property managers the ability to maintain full protection, lower their overhead, and offer an appealing amenity for renters – who can choose to keep their security deposit, and instead use it to save, invest, or spend. As the industry’s deposit-free integration partner of choice, Obligo can be easily embedded in property management and financial services software, offering scalable API architectures, top of the line customer service, and the highest standards of security.
“Obligo is making significant investments in building out our API integration infrastructure with strategic fintech and proptech software partners,” said Roey Dor, CEO and Co-Founder of Obligo. “By being part of BNY Mellon’s Ascent Program, we have accelerated and strengthened our ability to collaborate with key financial institutions.”
“With the saturation of proptech tools in today’s housing market, property managers and renters alike are increasingly challenged by multiple application logins, interfaces and workflows,” said Fabian Khoshbakht, Global Head of Client Insight & Innovation for Treasury Services at BNY Mellon. “We believe in innovating through collaboration and look forward to continuing to support Obligo in the security deposit management solutions space.”
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Obligo harnesses financial technology to build trust between renters and landlords, making the move-in and move-out process as simple as checking in and out of a hotel. As the first security deposit alternative utilizing bank-issued Letters of Credit supported by Wells Fargo, Obligo uses Open Banking and AI to determine renters’ eligibility to rent deposit-free.
Founded in 2018 by brothers Roey Dor and Omri Dor, Obligo has raised more than $50 million and is looking to bring its industry-changing rental solutions to millions of homes across the United States.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Dec. 31, 2021, BNY Mellon had $46.7 trillion in assets under custody and/or administration, and $2.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.