Azibo, a Reno, Nev.-based one-stop-shop financial services platform for the rental property market, raised $19M in Series A funding.
The round was led by SVB Capital, with participation from new investors RET Ventures, Liberty Mutual Strategic Ventures, Victory Park Capital, and Gaingels, as well as existing investors Canaan, Khosla Ventures, QED Investors, Camber Creek, Assurant Ventures, and Context Ventures.
The company intends to use the funds to hire new talent for its Tahoe-Reno and San Francisco Bay Area teams, accelerate product innovation, and scale go-to-market efforts.
Led by Chris Hsu, CEO and Co-Founder, and newly joined Wontaek Shin, Chief Technology Officer, Azibo is a one-stop shop financial services platform for the rental property market, providing solutions for rent collection, banking, lending, insurance, and more. The company’s offerings include rent collection, bill payments, and expense management; full-service commercial banking; nationally licensed insurance; and lending solutions for mortgages and short-term loans. The company also created the Azibo Marketplace, a network of partners offering services for landlords and renters.
In 2022, the team will continue to focus on building out the platform for the entire rental property ecosystem — enabling landlords to interact with renters, property managers, and vendors — as well as developing new features that empower renters to improve their financial health.
Since its platform launch, Azibo has acquired over 10,000 customers, reaching more than $130 million annual run rate in platform transaction volume, and achieving double-digit monthly growth in 2021.