What Whale does

Whale (legally Build Whale, Inc.) is a Chicago-based fintech founded in 2022 that re-architects residential security deposits as renter-owned, FDIC-insured high-yield savings accounts rather than funds held in landlord-controlled accounts. The platform's core product, Whale Deposit, automates the full lifecycle of security deposit collection, holding, and return by integrating directly with the four dominant US property management systems — Yardi, Entrata, Appfolio, and RealPage — to read screening decisions, set deposit amounts, and sync move-out statuses. Deposits are held in cash accounts at Evolve Bank & Trust with brokerage and advisory services delivered through Alpaca Securities LLC (FINRA/SIPC member); Whale itself is registered as an SEC Investment Advisor (registration 330063) and uses Goodwin as legal partner for 50-state plus DC compliance.

The company serves two sides of a B2B2C market. On the B2B side, Whale targets enterprise and mid-market property management companies and landlords through direct field sales, demos, and PMS-embedded onboarding — with named customers including Berkshire Residential, Harrison Street, RUDIN, Pine Management, Cardinal Group, URBY, Charney, TI Communities, Mill Creek Residential, Bridge Property Management, and GMH Communities. On the consumer side, renters are reached through automated deposit-request emails and self-serve onboarding at app.gowhale.com, earning up to 2.75% APY (7x the national average) on their locked deposit balances.

Whale monetizes via payment processing fees on certain transfer methods (ACH expedited at $4.99, Venmo 2.5–3.0%, Zelle outgoing $1.99, wire outgoing $30, mailed check $50) and an interest spread on deposits held in high-yield savings, while keeping the core product free for landlords and renters. The product roadmap is expanding beyond security deposits into Pet Deposit (live), Whale Collect, and Whale Grow (both coming soon). Operating geographies are all 50 US states plus Washington D.C., and the company employs 11–50 people.

Name

Whale

Legal name

Build Whale, Inc.

Website

https://gowhale.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Whale is a Chicago-based fintech that replaces traditional security deposits with renter-owned, FDIC-insured high-yield savings accounts, automating collection and return via direct integrations with Yardi, Entrata, Appfolio, and RealPage for US property managers and landlords.

Ownership category

akta.pro rank

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Payment Processing Fees: Whale charges small fees for various payment methods including ACH expedited transfers ($4.99), Venmo transfers (2.5-3.0%), outgoing Zelle ($1.99), outgoing Venmo ($1.99), wire transfers ($30 outgoing), and mailed checks ($50). Incoming transfers are largely free except for Venmo expedited (2.5-3.0%) and ACH return fees ($25).
2. Interest Spread: Whale earns interest on renter deposits held in high-yield savings accounts, paying renters up to 2.75% APY while earning a spread through their SEC-registered investment advisory relationship with Alpaca Securities

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Whale (Build Whale, Inc.) provides an automated security deposit management platform that replaces traditional deposit handling with a renter-owned, lockable, FDIC-insured high-yield savings account. The platform integrates directly with Property Management Systems (Yardi, Entrata, Appfolio, RealPage) to automate deposit requests, compliance across all 50 states plus D.C., and move-out processing. Landlords use Whale free of charge while renters earn up to 2.75% APY on their deposits, with Whale monetizing via payment processing fees and interest spread through its SEC-registered investment advisory relationship with Alpaca Securities.

Product overview

Whale is a fintech platform offering security deposit management as a unified product suite. The core offering is Whale Deposit, a renter-owned high-yield savings account that replaces traditional security deposits. The platform integrates with Property Management Systems (Yardi, Entrata, Appfolio, RealPage) to automate deposit requests, collection, and returns. Supporting products include Pet Deposit for pet-related deposits, with Collect and Grow listed as upcoming modules. All deposits are FDIC-insured up to $1,000,000 and held in cash accounts managed through Alpaca Securities LLC.

Differentiator

Problem solved

Functional benefit

Brands

• Whale Deposit: Core product providing a lockable, high-yield savings account for renters to hold security deposits, earning interest while funds are secured for landlords at move-out.
• Whale Collect
• Whale Grow
• Pet Deposit

Products and services

• Whale Deposit
• Pet Deposit

Quantifiable outcome

• 95% reduction in deposit administration work for landlords
• +4 more outcomes

Named customers12 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered core, strategic and supporting.

• YardicoreTechnology or IntegrationPMS integration partnership enabling automatic deposit requests and move-out processing for properties using Yardi property management software. Whale reads screening decisions and lease data from Yardi to determine deposit amounts and sync deposit statuses.
• EntratacoreTechnology or IntegrationPMS integration partnership enabling automatic deposit requests and move-out processing for properties using Entrata property management software. Integrates with screening results and lease data.
• AppfoliocoreTechnology or IntegrationPMS integration partnership enabling automatic deposit requests and move-out processing for properties using Appfolio property management software.
• RealPagecoreTechnology or IntegrationPMS integration partnership enabling automatic deposit requests and move-out processing for properties using RealPage property management software.
• Alpaca Securities LLCcoreTechnology or IntegrationBanking and brokerage partner providing custody services for renter deposits, member FINRA/SIPC. All Whale transactions appear on bank statements as Alpaca Securities. Handles fund transfers, interest payments, and FDIC insurance coverage.
• Evolve Bank & TrustcoreTechnology or IntegrationFDIC member bank partner providing deposit accounts for renters. Evolve holds the actual deposit accounts while Whale facilitates the investment advisory relationship.
• GoodwinstrategicImplementation/ SI/ Consulting PartnerLegal partnership with major global law firm Goodwin to ensure Whale complies with all state and local security deposit regulations across 50 states and Washington D.C.
• PlaidcoreTechnology or IntegrationBank account linking and aggregation service used to connect renter bank accounts for ACH transfers when funding deposits or withdrawing returns.
• FootprintsupportingTechnology or IntegrationIdentity verification platform used when standard identity verification fails, requiring government ID or tax document uploads to complete account opening.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Rhino: Rhino is the leading deposit alternative provider in residential rentals, replacing cash security deposits with surety bond-style products. It directly competes with Whale for the same landlord and property manager customers with an alternative approach to deposit handling.
• Jetty: Jetty offers deposit alternatives (surety bonds and bond-like products) to renters and has expanded into broader renter fintech products like insurance and lease guarantees. Competes head-to-head with Whale for landlord accounts seeking deposit alternatives.
• Obligo: Obligo provides deposit-free leasing products that allow landlords to bill damages after move-out rather than collecting upfront deposits. Directly competes with Whale in the renter-deposit-alternative space targeting property managers.
• TheGuarantors: TheGuarantors offers lease guarantee products including deposit alternatives for renters, competing directly with Whale for property managers seeking to reduce or replace cash security deposits. Operates as an insurance brokerage with similar GTM to Whale's enterprise sales motion.
• LeaseRunner: LeaseRunner provides tenant screening and deposit-related services to landlords, including lease management and deposit handling workflows. Competes with Whale in digitizing and automating the deposit lifecycle for property managers.

Emerging players

• Baselane: Baselane offers a banking and financial platform for independent landlords, including rent collection and landlord-focused banking features. Partially overlaps with Whale in serving landlords with financial tools that streamline rental property operations.
• Stessa: Stessa (acquired by Roofstock) provides financial management software for rental property owners, including rent collection, expense tracking, and reporting. Adjacent to Whale in serving residential landlords with operational fintech tooling.
• Lessen: Lessen provides tech-enabled property services including maintenance, turnover, and renovation services for residential real estate operators. Adjacent to Whale in serving institutional property managers with operational efficiency tools and could overlap in move-out workflows.

Broad incumbents

• Yardi: Yardi is the largest property management software platform serving institutional multifamily operators and a core Whale integration partner. As the dominant PMS, Yardi both enables Whale's distribution and poses the largest single-partner risk.
• AppFolio: AppFolio is one of the leading property management software platforms and a current Whale integration partner. Represents a dual relationship — distribution channel today, but also a potential disintermediation threat if AppFolio builds native deposit features.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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 Whale