Payfi Inc

What Payfi Inc does

Payfi Inc is a Toronto-based property management marketplace and rent payment platform founded in 2024, operating in Canada across Ontario, New Brunswick, Alberta, and British Columbia. The company operates a dual-sided platform serving two primary segments: tenants (with a focus on immigrants, first-time renters, and international students who lack Canadian credit history) and landlords and property managers seeking automated rent collection and tenant management tools.

The platform is built around a tenant web application (app.payfi.ca) and a dedicated landlord portal (landlord.payfi.ca), with core technology centered on rent payment processing, automated bank debit collection, and integration with Equifax for credit bureau reporting. On-time rent payments made through Payfi are reported to Equifax, enabling tenants to build Canadian credit history through their largest recurring monthly expense. The landlord portal provides property listings, tenant matching, automated rent collection, payment tracking, and access to bridging loans of up to six months of rent. Supporting product modules include Rent Guarantee (acting as co-signer to replace large upfront deposits), Pre-Rent Guarantee (a pre-approval document for rental applications), Realtor Connect (apartment search assistance), Rent Rewards (a loyalty points program), and Bills Payment (consolidated bill management).

Payfi's business model is predominantly freemium. Tenants use the core rent payment service at no cost, while landlords access free syndicated listings, tenant matching, and handyman access. Monetization occurs through a 2% transaction fee on landlord rent collections for advanced features (credit bureau reporting, rent advance, rent guarantee, automated debits, property management tools), supplemented by a CAD 30 Pre-Rent Guarantee application fee, a 1.5–10% one-time or 0.5% monthly Rent Guarantee premium, and a CAD 100 Realtor Connection service fee. The company has raised approximately CAD 1.12M across two funding rounds (including Techstars Toronto in September 2023), maintains partnerships with Equifax, Passage, and a network of realtors across four provinces, and reports regulatory alignment with the Canadian Lenders Association and FINTRAC. Payfi employs between 1 and 10 people and is led by CEO Seun Sanni.

Name

Payfi Inc

Legal name

Payfi Inc.

Website

https://payfi.ca

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

Payfi Inc is a Toronto-based Canadian property management marketplace that combines rent payments, landlord tools, and Equifax credit reporting to help immigrants and first-time renters build credit while automating rent collection for landlords across four provinces.

Ownership category

akta.pro rank

Product category

Property Management Marketplace

NAICS

Credit Bureaus (56145), Credit Bureaus (561450)

SIC

Services-Consumer Credit Reporting, Collection Agencies (7320), Personal Credit Institutions (6141)

akta.pro primary industry

Bill Pay, Invoicing & Payables Platforms (BPAMAFAF)

akta.pro secondary industries

Payouts, Disbursements & Mass Payments Infrastructure (FSAGABAN), Request-to-Pay (R2P) & Pay Links (FSAMAFAE)

Keywords

• Rent payment platform
• Credit building services
• Property management software
• Tenant verification services
• Rent guarantee solutions

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Landlord Paid Services Fee: 2% transaction fee per tenant rent collection for advanced features including rent reporting to credit bureau, rent advance, rent guarantee, automated bank debits, and property management tools.
2. Realtor Connection Service: C$100 service fee for apartment search assistance through partner realtors, with 50% payable upfront and balance due after finding a home. Upfront payment is refundable if no suitable apartment found within 45 days.
3. Pre-Rent Guarantee Fee: CAD 30 application fee for pre-rent guarantee service, deducted from rent guarantee payment after landlord approval.
4. Rent Guarantee Fee: One-time payment of 1.5-10% of total rent for lease period (6 months or 1 year), or monthly premium at extra 0.5% per month. Enables tenants to rent without upfront 6-12 months deposit.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Payfi is a Canadian property management marketplace that lets tenants pay rent at no cost while having on-time payments reported to Equifax to build credit history. It offers landlords free syndicated listings and tenant matching, plus paid advanced features (2% per rent collection) including credit bureau reporting, rent advance, rent guarantee, automated bank debits, and property management tools. Additional services include Rent Guarantee and Pre-Rent Guarantee co-signing, realtor-assisted apartment search, a Rent Rewards loyalty program, and bill payment.

Product overview

Payfi Inc offers a unified platform combining rent payment processing with credit-building services, primarily targeting Canadian renters including immigrants and international students. The core product suite includes Rent Payments for tenants and a Landlord Portal for property managers. Supporting modules include Rent Guarantee and Pre-Rent Guarantee (which serve as co-signing mechanisms replacing traditional security deposits), a Realtor Connect service for apartment hunting, Rent Rewards for loyalty points, and Bills Payment for consolidated financial management. The platform differentiates itself by reporting rent payments to Equifax to help users build credit history.

Differentiator

Problem solved

Functional benefit

Products and services

• Rent Payments Core free service for tenants to pay rent through the Payfi platform at zero cost, with on-time payments reported to Equifax to build credit history. Available to newcomers, first-time renters, and existing tenants in Canada via the app.payfi.ca self-serve flow.
• Landlord Portal Property management platform enabling landlords to automate rent collection, manage tenants, track payments, access handyman services, obtain bridging loans up to six months' rent, and use property management tools. Free core services include syndicated listings, tenant matching, and access to handymen.
• Rent Guarantee Service acting as a co-signer/guarantor for tenants who lack Canadian credit or rental history, protecting landlords against missed payments and enabling tenants to rent without paying 6–12 months of upfront deposit. Priced at 1.5–10% of total lease rent (one-time) or 0.5% per month (subscription).
• Pre-Rent Guarantee Pre-approval document service that helps tenants stand out in rental applications by demonstrating financial reliability to prospective landlords before a lease is signed. CAD 30 application fee, deductible from the rent guarantee payment after landlord approval.
• Connect with a Realtor House-hunting service that connects home seekers with trusted partner realtors across Alberta, New Brunswick, British Columbia, and Ontario for apartment search assistance. Priced at C$100, with 50% (C$50) upfront and balance after finding a home; refundable if no suitable apartment is found within 45 days.
• Rent Rewards Loyalty program that lets tenants earn redeemable points on rent payments made through Payfi, which can be converted into gift cards from various brands (e.g., a customer testimonial cites a $25 Amazon gift card).
• Bills Payment Bill payment service enabling users to pay all their bills in one place through the Payfi platform, helping simplify financial management and avoid late fees.

Quantifiable outcome

• Tenants save 6-12 months rent upfront deposit through rent guarantee service (e.g., CAD 12,000 vs CAD 4,260 with Payfi)
• +1 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered core.

• PassagecoreStrategic or Co-development PartnerPartnership providing international student financial support covering tuition and living expenses of up to CAD 65,000. Payfi refers international students to Passage for financial support services.
• EquifaxcoreTechnology or IntegrationCredit bureau partnership for reporting on-time rent payments to build Canadian credit history. Payfi sends rent payment data to Equifax for credit scoring purposes.
• Partner RealtorscoreChannel Partner/ Reseller/ DistributorNetwork of trusted realtors in Ontario, New Brunswick, Alberta, and British Columbia providing apartment search services to Payfi customers. Service costs C$100 with 50% upfront payment.

Recent moves6 records

Expansion highlights6 records

Emerging players

• Plastiq: Bill payment platform that allows consumers and businesses to pay virtually any bill by credit card. Comparable to Payfi's bill payment feature and overall payments-processing infrastructure approach.
• Landlord Studio: Canadian landlord software for property management, rent collection, and accounting. Comparable to Payfi's Landlord Portal features and target customer (small/mid-market landlords in Canada).

Broad incumbents

• Zillow: Dominant US real estate marketplace with rentals listings, tenant screening, and property management applications. Comparable as a broad incumbent in the digital rental/property management category, though US-focused and at vastly larger scale.

Direct peers

• Rhino: US-based deposit-alternative platform that replaces cash security deposits with surety bonds. Closely comparable to Payfi's Rent Guarantee product from a product-mechanics standpoint.
• Bilt Rewards: US-based rent payments platform that pioneered the rent-payment-to-credit-building model in partnership with Experian. Closely comparable to Payfi on the core value proposition (rent + credit building + rewards), though at vastly larger scale and US-focused.
• TheGuarantors: US rental guarantee company that acts as co-signer/insurer for tenants without credit history. Directly comparable to Payfi's Rent Guarantee and Pre-Rent Guarantee products, with more mature underwriting.
• Liv.rent: Canadian rental marketplace with verified tenant profiles and digital leasing. Directly comparable to Payfi's property management marketplace and tenant-verification positioning.
• RentMoola: Canadian rent payments platform offering online and rent collection with credit-building features. Directly comparable geographic and product overlap with Payfi in the Canadian market.
• FrontLobby: Canadian rent-reporting service that reports on-time rent payments to Equifax to help renters build credit. Closely comparable to Payfi's core credit-building through rent reporting mechanism.
• Jetty: US-based rental technology platform offering deposit alternatives, lease guarantor services, and renters insurance. Overlaps with Payfi's Rent Guarantee product and broader landlord-focused offerings.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/getpayfi
• LinkedInlinkedin.com/company/getpayfi

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Payfi Inc