VANCOUVER, BC and
SAN DIEGO, June 17, 2020 /PRNewswire/ -- Furthering its
mission to empower individuals to take control over their finances,
RentMoola Payment Solutions Inc. (RentMoola) is pleased to announce
its new strategic alliance with PayPal Holdings Inc. (NASDAQ:
PYPL). The collaboration is born out of the mutual goal of
addressing financial inequality made more pronounced by the current
COVID-19 crisis.
There has always been a need for more flexible consumer
solutions to cover monthly payments like rent, utilities,
insurance, mortgages, and other bills. Even before these
unprecedented times, nearly 78% of Americans and 53% of Canadians
say they are living paycheck to paycheck, according to
CareerBuilder and BDO Canada's Affordability Index. According to
The Survey of Household Economics and Decision Making, some 40% of
Americans would struggle to come up with $400 to pay for an unexpected bill. Now, millions
have become even more vulnerable to unexpected costs and financial
pressure.
Through this alliance, RentMoola's platform will allow for
secure financial (payments, transactions or payment options)
through a simple, secure, and integrated solution leveraging
PayPal's full range of consumer business solutions including their
digital wallet.
"Unprecedented times require
innovative companies to come together to provide better solutions
for our customers. We are optimistic about forging alliances with
industry vertical experts like RentMoola to give consumers more
flexibility in navigating this crisis," shared Dan Leberman, vice president, partnerships,
PayPal.
Tenants can now use their digital wallets to pay rent using
PayPal. PayPal has more than 130 million active accounts in the US
and more than 7 million active accounts in Canada, opening more flexible solutions for
renters to pay and for property managers to keep track of rent
payments.
"This collaboration is just one
of our first steps in fulfilling the company's mission to provide
holistic financial solutions that are built with customers in mind.
We are moving fast—especially now that there is a dire need for
better options," said Karthik Manimozhi, CEO of RentMoola.
During these difficult economic times, like-minded companies
like RentMoola and PayPal are rising to the challenge. "By
working together, we are opening up new avenues that offer tenants
and property managers more financial flexibility at this difficult
time," said Brian McDonnell, Senior
Director, Sales and Business Development at PayPal.
Through this alliance, they can provide real solutions in
democratizing access to financial services, providing more
solutions to underserved communities, and providing renters and
business owners with new and better ways to manage their
finances.
About RentMoola
RentMoola provides groundbreaking
solutions for financial management. The technology allows for
simple, flexible, and transparent transactions between tenants and
property management. RentMoola's simple, secure, and integrated
system allows consumers to take control of their finances.
CONTACT:
Missy Galang
missy.galang@rentmoola.com
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SOURCE RentMoola Payment Solutions