Snappt Acquires Trigo to Enhance Applicant Trust Platform for Multifamily Housing, Secures $50M Growth Financing

Business Wire

4 hours ago

LOS ANGELES--(BUSINESS WIRE)-- Snappt, the leading platform for applicant trust in multifamily housing, today announced it has acquired Trigo, a company known for its breakthrough technology in verifying rental payment history. Backed by a $50 million committed facility from Hercules Capital, Inc. (NYSE: HTGC), the acquisition expands Snappt's platform and strengthens its ability to help property managers make faster, more confident leasing decisions. Together, these milestones mark a major step toward building the industry's most complete and trusted solution embedded into the application and screening process.
'This moment marks a major leap forward for Snappt,' said James Hyde, CEO of Snappt. 'With the backing of Hercules Capital and the strategic acquisition of Trigo, we're not just expanding our platform, we're accelerating our vision for a fully integrated trust infrastructure that meets the evolving needs of property managers. These combined milestones enable us to deliver faster, more secure leasing decisions while setting a new standard for accuracy and transparency across the rental journey.'
'Snappt has consistently demonstrated category leadership through product innovation and customer obsession,' said Thomas Krane, Managing Director at Insight Partners. 'Their evolution from point solution to platform—and now, with the acquisition of Trigo, a fully integrated trust infrastructure—reinforces why we continue to back their vision. Snappt is solving one of the most urgent and complex challenges in multifamily housing: establishing trust at scale.'
Property managers are facing rising pressure to reduce risk, streamline leasing workflows, and minimize costly evictions. Snappt's Applicant Trust Platform helps property managers spot fake pay stubs, altered bank statements, and other forms of application fraud while confirming key indicators of tenant reliability like verified rent payment history, income, identity, assets, and employment. The result: faster approvals and greater confidence that applicants are both qualified and likely to pay rent on time, which in return builds a community you can trust.
'Trigo was founded on the idea that the best predictor of someone's ability to pay rent is if they paid rent in the past,' said Sam Stein, CEO and Co-Founder of Trigo. 'We're excited to join forces with Snappt to scale our impact and bring verification innovation to more leasing teams across the country.'
The acquisition of Trigo deepens Snappt's capabilities in applicant trust and enables it to natively support one of property managers' most requested proof points: verified rental payment history. Combined with Snappt's industry-leading fraud detection capabilities, the expanded platform enables operators to make faster, more confident leasing decisions while improving accessibility for qualified renters.
"Hercules Capital is excited to partner with Snappt as they continue to provide an industry-leading platform for applicant trust,' said Ruslan Sergeyev, Managing Director at Hercules Capital. 'Snappt's vision for an end-to-end trust infrastructure resonated deeply with us. Their proven AI-powered technology, rapid growth, and commitment to product innovation make them a compelling partner as they continue to scale."
These milestones underscore a period of strong momentum for Snappt, marked by the recent appointment of CEO James Hyde, continued product innovation, and strategic partnerships with industry leaders like Mastercard and Tenant Cloud. Since its founding in 2019, Snappt has analyzed over 14 million documents with 99.8% accuracy, preventing more than $1.9 billion in potential bad debt. Today, its solutions protect over 2.2 million rental units and are trusted by many of the nation's top property management companies.
In the transactions, Hercules Capital, Inc. was represented by Will Gerber from Morrison & Foerster LLP. Trigo, Inc. was represented by Michael Fesher from Quarles & Brady LLP. Snappt, Inc. was represented by Stephen Fisher, Will Black, Liz Malmen, and Steve Krafcik from Fenwick & West LLP.
About Snappt
Snappt is an AI-powered applicant fraud detection and income verification solution for multifamily property managers. Since its inception in 2019, Snappt's technology has been adept at identifying even the slightest document alterations, saving leasing teams time while reducing bad debt and evictions. As the market leader for fraud detection, Snappt has analyzed over 14 million documents with an impressive accuracy rate of 99.8%. They are the only fraud detection company that conducts proactive fraud research, and they were recently ranked #1 in AI on the Inc. 5000 list. Visit www.snappt.com.