Baselane, an end-to-end financial platform for landlords and real estate investors, announced Tuesday (March 15) that it is expanding its services to offer fully integrated banking services tailored to the specific needs of customers’ properties.
Launched in association with Blue Ridge Bank N.A., landlords can now open and manage multiple banking accounts and simplify the financial management of their investment properties. Custom accounts can be created for landlord-specific needs, and bookkeeping transactions of an account can be auto-tagged to a particular property or unit.
“For too long, landlords have been left to cobble together disjointed financial solutions and to track their finances in manual spreadsheets,” Mathias Korder, co-founder and CEO of Baselane, said in the release.
“With the launch of our integrated banking platform, users not only save significant time and money using one seamlessly integrated end-to-end solution, but they also get clear insights into their property finances to make better business decisions, maximizing the return on their investments,” Korder continued.
The new platform also offers smart debit cards to make it easier for landlords to control and manage expenses. The physical and virtual cards both have built-in controls, and transactions can also be auto-tagged to an expense category.
According to the release, Baselane banking is free and there is no minimum deposit needed. High yields are offered on all deposits and there is unlimited 1% cashback on all Baselane Debit Card purchases. Other perks include automated rent collection directly into any bank account and analytics to measure cash flow, expenses and property performance.
Founded in 2020, Baselane aims to streamline and automate the management of rental finances and increase property investment returns. In November 2021, the startup closed a nearly $8 million seed round backed by Activant Capital, Collaborative Fund, Conversion Capital, Diagram Ventures and Thomvest Ventures.
Per the release, Baselane is planning to launch an artificial intelligence (AI)-powered mortgage and insurance marketplace, enhanced financial and tax reporting, tenant management tools and more.
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