VANCOUVER, BC and SAN DIEGO, June 22, 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.