Trust Stamp is providing secure biometric onboarding for a financial services platform geared towards the rental industry. letus was formerly known as RentMoola, and has set out to make rental housing more accessible while still ensuring that landlords can collect rent on time.
To that end, letus has created a risk management platform that landlords can use to vet potential renters. The platform is less invasive than a traditional background check, and will now use biometric identity verification to guard against synthetic identity fraud. On that front, Trust Stamp’s solution uses face and document recognition to match a selfie to the image on a photo ID in order to ensure that each rental applicant is in fact who they claim to be.
Renters, meanwhile, enjoy a more streamlined onboarding process with a high degree of privacy. The letus platform itself gives users access to a range of financial services that can help them build credit and manage their finances, which in turn makes it easier to pay rent in a timely fashion. The platform also offers flexible rent options that allow users to pay in the manner that best suits their needs.
“Our partnership with letus marks another way Trust Stamp’s versatile technology can optimize operational and financial outcomes for both service providers and consumers,” said Trust Stamp President and Co-Founder Andrew Gowasack. “Trust Stamp looks forward to furthering our impact in the real estate sector with value-added partnerships with like-minded companies driving innovation, access, and security.”
letus’ platform is primarily targeted at mom-and-pop rental operations that do not have the screening resources of a larger rental corporation. There are currently 20.5 million such units in the United States, and the owners of those units are not as well prepared to deal with rising rates of synthetic identity fraud.
The new partnership is in keeping with Trust Stamp’s drive toward financial inclusion. The company previously provided onboarding services for VIVA Finance, and recently created a new non-profit to raise inclusion for residents of Malta.
May 20, 2022 – by Eric Weiss