Rental fintech Obligo announced it has joined forces with Wells Fargo to offer a security deposit alternative using bank-issued Letters of Credit to provide landlords and tenants with security, flexibility and ease of transaction.

Obligo’s holistic product suite promises a trusted and streamlined rental experience, including the use of Open Banking data to determine a renter’s eligibility to rent without a traditional cash deposit. Landlords and property managers using Obligo’s service will have enhanced protection via Wells Fargo Letters of Credit, while renters enjoy the ability to rent deposit-free, Obligo said. 

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