Hercules Capital Backs Snappt's Acquisition of Trigo, Enhancing Multifamily Housing Solutions

Hercules Capital Inc has backed Snappt's $50 million acquisition of Trigo, a company that verifies rental payment history. The acquisition enhances Snappt's platform for multifamily housing, enabling faster and more confident leasing decisions. Snappt's technology has a high accuracy rate of 99.8% in fraud detection, protecting over 2.2 million rental units. The deal marks a significant advancement in creating a comprehensive and trusted solution for applicant trust and screening processes.

Snappt, a leading provider of applicant trust solutions for multifamily housing, has announced the acquisition of Trigo, a company specializing in verifying rental payment history. The acquisition, backed by a $50 million committed facility from Hercules Capital, Inc. (NYSE: HTGC), aims to enhance Snappt's platform and enable faster, more confident leasing decisions for property managers.

The acquisition of Trigo deepens Snappt’s capabilities in applicant trust, allowing it to natively support one of the most requested proof points by property managers: verified rental payment history. Combined with Snappt’s industry-leading fraud detection capabilities, the expanded platform enables operators to make faster and more confident leasing decisions while improving accessibility for qualified renters.

Snappt's Applicant Trust Platform helps property managers spot fake pay stubs, altered bank statements, and other forms of application fraud, while confirming key indicators of tenant reliability such as income, identity, assets, and employment. The acquisition of Trigo further strengthens Snappt’s position as a market leader in fraud detection, with a high accuracy rate of 99.8% in preventing bad debt.

The deal comes amid a period of strong momentum for Snappt, marked by the recent appointment of CEO James Hyde, collaborations with industry leaders like Mastercard and Tenant Cloud, and a record of analyzing over 14 million documents with 99.8% accuracy, helping prevent $1.9 billion in bad debt. Currently, Snappt safeguards more than 2.2 million rental units nationwide.

Hercules Capital's Managing Director Ruslan Sergeyev expressed enthusiasm about partnering with Snappt, citing the company's vision, proven AI-driven platform, and track record of innovation.

References:
[1] https://snappt.com/blog/snappt-trigo-acquisition/
[2] https://www.nasdaq.com/articles/snappt-acquires-trigo-bolster-rental-verification-secures-50-mln-hercules-capital
[3] https://www.businesswire.com/news/home/20250805739999/en/Snappt-Acquires-Trigo-to-Enhance-Applicant-Trust-Platform-for-Multifamily-Housing-Secures-%2450M-Growth-Financing