Company Research Report: Boom Pay, Inc.

Company Overview

Name: Boom Pay, Inc.

Mission: At Boom, the goal is to make housing more flexible, affordable, and rewarding.

Founded: 2020

Founders: Rob Whiting, who aimed to address housing instability challenges experienced by family members during the COVID-19 pandemic.

Key People:

Rob Whiting, Co-founder and CEO

Headquarters: Austin, TX, United States

Number of Employees: No information is available.

Revenue: No information is available.

Recognition: Known for being the embedded financial services layer for the real estate industry.

What is the Company Known For: Boom is recognized for providing modern rental financial services focused on enhancing the rental experience for both property managers and renters, by offering solutions like tenant screening and rent reporting.

Products

BoomScreen

Description: A dynamic tenant screening solution designed to help property managers mitigate fraud, increase leasing velocity, and boost revenue.

Key Features:

Income verification using bank, payroll, and documents.

County-level criminal and eviction reports.

Multi-faceted fraud detection.

Configurable data services and questions.

BoomReport

Description: A rent reporting tool for residents, enabling them to build credit by reporting their rent payments to credit bureaus.

Key Features:

Rent reporting to Experian, Equifax, and TransUnion.

Optional revenue generation for property managers.

Real-time credit impact measurement.

Renter app available on iOS and Android with free credit monitoring services.

Recent Developments

New Products Launched:

BoomScreen: A configurable tenant screening solution developed to address rising fraud risks and compliance requirements.

New Features or Enhancements: No specific new features mentioned beyond recent development of BoomScreen.

New Partnerships:

Boom became a fully qualified partner in the Yardi® Ecosystem, simplifying rent reporting via Yardi's platform.

Strategic Overview

Boom continues to evolve its SaaS solutions, aiming to streamline property management and enhance user experience through robust software and integrations. Their strategic focus is putting technological innovation at the forefront of rental financial services to drive value for both property managers and renters.

Customer Testimonials

Dan Berry, Owner, PMI Wasatch said: “Boom acts as an extension of our team—driving immense value while simplifying workload.”

Caren Crane-McCourt, Owner-Broker, McCourt Property Management, reported experiencing the best support in any company, with quick and effective solutions provided by the Boom team.

Kel Nikki, a consumer noted that Boom helped boost their credit score by 100+ points, aiding their journey to homeownership.

Justin Portland and Toni Lewis provided positive feedback on Boom's user-friendliness and effectiveness in rent reporting, with Toni highlighting the improvement of their credit score to over 800.