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Highlights

  • Snappt has acquired Trigo to add rental payment history verification to its platform.
  • Hercules Capital (NYSE: HTGC) has committed USD 50 million in capital to Snappt.
  • Snappt has analyzed over 14 million documents, preventing more than USD 1.9 billion in potential bad debt.

Snappt, the AI-powered platform for applicant fraud detection and income verification, has announced the acquisition of Trigo, a company known for its breakthrough technology in verifying rental payment history. The acquisition is backed by a USD 50 million committed facility from Hercules Capital, Inc. (NYSE: HTGC).

Since its founding in 2019, Snappt has focused on helping property managers detect fake pay stubs, altered bank statements, and other forms of application fraud. The platform verifies rent payment history, income, identity, assets, and employment to support leasing decisions. The company has analyzed over 14 million documents with 99.8% accuracy and prevented more than USD 1.9 billion in potential bad debt. Its solutions protect over 2.2 million rental units.

According to Snappt CEO James Hyde, the acquisition of Trigo and the capital commitment from Hercules Capital represent “a major leap forward” for the company’s vision to build a fully integrated trust infrastructure embedded into the application and screening process. He added, “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.”

Trigo’s Co-Founder and CEO Sam Stein stated, “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. We’re excited to join forces with Snappt to scale our impact and bring verification innovation to more leasing teams across the country.”

Hercules Capital Managing Director Ruslan Sergeyev commented, “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.”

The announcement follows recent momentum for Snappt, including the appointment of James Hyde as CEO and new partnerships with Mastercard and Tenant Cloud. Insight Partners’ Managing Director Thomas Krane said Snappt’s evolution from point solution to platform reinforces the firm’s continued support.