Obligo

Market position

Obligo positions itself in the security deposit alternative segment of U.S. proptech/fintech, stating it is trusted in over one million homes and citing a 4.5-star rating and a survey in which 55% of renters said Obligo was a key factor in choosing their home.

Obligo offers a range of deposit options — no deposit, reduced deposit, installments, or a full deposit earning up to 2% APY — rather than a single alternative, and is not structured as an insurance product. It says it was the first security deposit alternative to use bank-issued Letters of Credit supported by Wells Fargo, and it also handles collection of traditional cash deposits and digital move-out charge and refund flows.

Technology

The platform uses open banking connections to run automated tests confirming that sufficient funds are available in a renter's U.S. bank account, plus soft credit checks and passport ID verification as alternative qualification paths. The company describes machine learning and AI as the basis for determining renter eligibility, and pursues an API-first distribution strategy embedded in property management systems. Obligo has described itself as the first security deposit alternative using bank-issued Letters of Credit supported by Wells Fargo.

Go-to-market

Distribution runs largely through integrations and partnerships with property management software providers, including AppFolio, Buildium, Yardi and RealPage, so that operators can offer Obligo from within their existing PMS. The company also markets directly to properties and renters through its website, blog and support channels.

Residential renters seeking to avoid or reduce upfront cash security deposits, and property managers, owners and operators of rental housing looking to reduce deposit administration and speed leasing.

Geography

United States; the company reported operating in 25 states as of late 2022 and markets to renters with U.S. bank accounts or cards, while also supporting qualification for renters holding only non-U.S. cards. Support operates on U.S. Eastern time business hours.

History

Founded in 2018, Obligo built a suite of products for rental owners covering deposit alternatives, operations and regulatory compliance. By late 2022 it reported operating in 25 U.S. states. It announced partnerships with property management software companies AppFolio, Buildium and Yardi ahead of an October 2024 funding round of $35M co-led by True Global Ventures and 83North, which brought True Global Ventures partner Lilia Shirman onto the board. Subsequent announcements included a Yardi RentCafe Living deposit option (June 2025), a joint AppFolio launch of flexible deposit alternatives (July 2025), an embedded end-to-end outsourced deposit management solution (October 2025), an AI agent for security deposits (June 2026) and a RealPage partnership (July 2026).

Risks & controversies

Obligo's service is not insurance: renters remain financially accountable for damages or missed rent, and their connected payment method can be charged by the property manager up to the stated security requirement. Qualification depends on open banking access, credit checks or ID verification, and renters who do not qualify must pay a traditional cash deposit.