Snappt

Snappt, founded in 2017 and headquartered in Los Angeles, California, specializes in fraud detection and income verification solutions for the real estate industry. The company utilizes proprietary AI technology to analyze financial documents, such as pay stubs and bank statements, identifying fraudulent alterations to assist property managers in accurately screening tenant applications. This approach aims to reduce bad debt and decrease eviction rates by preventing high-risk residents from securing leases.

In March 2022, Snappt announced a $100 million Series A funding round led by Insight Partners, with participation from investors including Hybridge Capital Management, Predictive Venture Partners, Inertia Ventures, and K50 Ventures. This significant investment underscores the company’s rapid growth and its commitment to enhancing fraud detection capabilities within the property management sector.

Snappt distinguishes itself by employing a predictive model powered by proprietary AI technology, trained on over 9 million documents to authenticate more than 10,000 features of each document. This multi-layered fraud detection system boasts a 99.8% accuracy rate, effectively identifying advanced types of applicant fraud that traditional screening methods may overlook. By integrating AI-driven document analysis, Snappt addresses challenges such as the prevalence of falsified financial documents in rental applications, thereby mitigating risks associated with tenant fraud and subsequent evictions.

In the AI landscape, Snappt operates within the category of AI-enabled fraud detection and income verification. The company applies machine learning and artificial intelligence to scrutinize and validate financial documents, enhancing the integrity and efficiency of the tenant screening process for property managers.

For more information, please visit snappt.com.

To claim this startup page, go to the Contact page and send us a message with your full name, startup name, job title, and startup email address. We will review your request and get back to you. Once verified, you can update your startup information.