Snappt, a US-based provider of applicant trust solutions for multifamily housing, has acquired rental payment verification firm Trigo in a move backed by a $50 million credit facility from Hercules Capital (HTGC) to enhance its platform and enable faster, more confident leasing decisions for property managers.
Snappt CEO James Hyde said the acquisition, along with the financial backing, accelerates the company's goal of building a fully integrated trust infrastructure that meets the evolving needs of property managers, improving speed, security, accuracy, and transparency across the rental journey.
Insight Partners' Managing Director Thomas Krane highlighted Snappt's transition from a point solution to a full platform and said the acquisition of Trigo reinforces the company's leadership and mission to establish trust at scale in the multifamily housing space.
Snappt's Applicant Trust Platform combats leasing fraud by detecting altered documents and verifying essential tenant information such as income, identity, and rental history. The acquisition of Trigo adds rental payment history verification—one of the most requested features from property managers—directly into Snappt's platform.
Trigo CEO Sam Stein emphasized that the company was built on the principle that a tenant's past rent payment is the best predictor of future reliability. Joining Snappt, he said, will scale their impact across the leasing industry.
Hercules Capital's Managing Director Ruslan Sergeyev said they partnered with Snappt because of the company's vision, proven AI-driven platform, and track record of innovation.
The move comes amid a strong growth phase for Snappt, marked by CEO Hyde's appointment, collaborations with Mastercard and Tenant Cloud, and a record of analyzing over 14 million documents with 99.8 percent accuracy, helping prevent $1.9 billion in bad debt. Currently, Snappt safeguards more than 2.2 million rental units nationwide.
HTGC currently trades at $19.3 or 0.31% lower on the NYSE.
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