In a move set to transform the landscape of home equity solutions and rentership, EasyKnock has announced a strategic partnership with Piñata. This collaboration, revealed on April 24, 2024, aims to reward renters and pave the way for improved credit worthiness among American tenants, with a particular focus on EasyKnock customers.
Empowering Homeowners and Renters
EasyKnock, the first-to-market home equity solutions platform in the U.S., has been at the forefront of helping homeowners unlock their financial freedom. The company’s innovative approach allows homeowners to convert their trapped home equity into cash while remaining in their homes as renters. This unique solution also offers customers the option to repurchase their homes or direct a second sale for additional cash in the future.
The partnership with Piñata, the nation’s most popular reward and credit building platform for renters, further enhances EasyKnock’s commitment to improving the financial well-being of its customers.
Tangible Benefits for Renters
Early results of this collaboration are promising. In the first few months of implementation, EasyKnock tenants using Piñata have seen an average improvement of 57 points in their credit scores. This significant boost is achieved through EasyKnock’s automatic reporting of on-time rent payments to major credit bureaus – TransUnion, Equifax, and Experian.
Jarred Kessler, CEO and founder of EasyKnock, emphasized the impact of this partnership: “The benefits and rewards provided by Piñata are game-changing for American renters. Partnering with them ensures that our sale-leaseback customers can now improve their financial well-being while earning rewards. It also ensures renters are celebrated and supported in ways that are long-overdue.”
Addressing a Critical Gap
The EasyKnock-Piñata partnership addresses a significant gap in the rental market. It’s estimated that less than five percent of approximately 80 million American renters currently receive credit for their rent payments. By automatically reporting on-time payments (while not reporting late payments), this collaboration opens up credit-building opportunities for a vast number of renters.
Beyond Credit Building
The benefits of this partnership extend beyond credit score improvements. Renters using Piñata also enjoy:
- Discounts and cash back on everyday expenses
- Rewards for on-time rent payments
- Access to renters insurance
- Opportunities to win thousands of dollars in monthly giveaways
Customers gain access to a comprehensive platform where they can track their point balance, redeem rewards, review their credit score, and monitor their reported on-time rent payments. Additionally, they can earn points by participating in credit education programs and surveys.
Popular Rewards and Customer Engagement
EasyKnock customers have been actively engaging with the rewards program, with popular redemptions including charitable contributions, self-care items, and home goods. This engagement not only provides immediate benefits but also encourages responsible financial behavior.
A Shared Mission for Financial Flexibility
Lily Liu, CEO of Piñata, expressed enthusiasm about the partnership: “By teaming up with EasyKnock, we can help even more renters in their quest to improve their financial standing. In joining EasyKnock on the mission to create more financial flexibility for American families, we can help them reach their goals and ultimately, improve the quality of their lives.”
EasyKnock’s Evolving Platform
This partnership is part of EasyKnock’s broader strategy to develop a comprehensive platform of products and services. In 2023, the company announced plans to offer an extensive suite of solutions providing consumers with alternative ways to buy, sell, and finance homes, as well as utilize their equity.
About the Partners
EasyKnock, founded in 2016 and headquartered in New York City, has established itself as a pioneer in non-loan programs for U.S. homeowners. The company’s mission is to help homeowners unlock their financial freedom through innovative equity solutions.
Piñata, founded in 2020, has quickly become the largest rental membership program in the nation. Led by women of color, the company offers a unique set of financial benefits to renters while also providing valuable amenities for landlords. To date, Piñata has raised $20 million from leading Proptech investors, with Wilshire Lane Capital leading the funding rounds.
Reshaping the Rental Landscape
As the partnership between EasyKnock and Piñata unfolds, it promises to transform the rental landscape by providing tangible financial benefits and opportunities for credit building. By addressing the often-overlooked financial needs of renters, this collaboration aims to create more financial flexibility and improve the quality of life for American families.
The success of this partnership could pave the way for more innovative solutions in the intersection of home equity, rentership, and financial wellness, potentially influencing broader changes in the real estate and financial services industries.
