Boom: Transforming Rent Payments into Rewarding Experiences

In the ever-evolving landscape of financial technology, Boom stands out as a transformative force for renters across the United States.

With a mission to make renting more than just an expense, Boom is changing how over 110 million renters in the U.S. can benefit from their regular rent payments.

Boom is redefining what it means to rent and be a person or a family in need of a roof over their head in today's world.

Founded in 2020 by Rob Whiting in response to the acute challenges of the COVID-19 pandemic, Boom has set out to make renting more than just a financial commitment, but a rewarding and credit-building experience.

Boom's Origin: Addressing Housing Challenges

The conception of Boom was deeply personal for Rob Whiting cosidering that back in 2020 he witnessed family members struggle with housing instability due to job loss.

That’s when Rob identified this critical need for a change in the traditional renting process.

Rent prices, which had been rising disproportionately to income, represented a significant, often unacknowledged burden for renters.

Empowering Renters to Build Credit

oom's innovative approach allows renters to report their current and past rent payments to major credit bureaus like Experian, Equifax, and TransUnion.

This system not only acknowledges on-time rent payments but also significantly enhances the credit scores of its users, with some experiencing over 105 points increase.

The Boom App: A Tool for Financial Freedom

Boom's user-friendly app offers a seamless process for renters. Users can enroll in just two minutes, verify their identity, add rent details, and link their bank account.

The app then works to verify data and report payments to the credit bureaus, with the majority of users seeing their credit reports updated within just 10 days.

How does Boom Work?

Rob Whiting and the Founding Team: Pioneers of Change

Rob and his founding team, combining diverse expertise in technology and finance, embarked on creating Boom with a clear mission: to revolutionize the renting process, making it more equitable and beneficial for renters.

The Boom Model is Transforming Rent into Opportunities

Boom's innovative model centers around turning rent payments into a tool for financial empowerment:

• Credit Building Through Rent: By allowing renters to report their rent payments to credit offices, Boom helps them build a positive credit history.

• User-Friendly Rent Management: The platform simplifies the process of managing rent payments, enhancing transparency and ease for both renters and landlords.

• Empowering Renters: Beyond simplifying payments, Boom adds value to each transaction, shifting the perception of rent from a financial burden to a beneficial contribution to renters’ financial health.

Partnership with Venture Capital: Everywhere VC’s Role

Boom's journey has been significantly boosted by the support from Everywhere VC, a venture capital firm with a keen focus on fintech innovation.

This partnership has provided Boom not just with necessary capital but also with strategic guidance and industry connections crucial for its growth and development.

Everywhere VC's investment in Boom is a strong endorsement of the company's vision and potential.

Their expertise in the fintech space has been invaluable in helping Boom navigate the market, refine its offerings and position itself as a leader in transforming the renting experience.

The Future of Renting with Boom

Looking ahead, Boom is poised to continue its trajectory of innovation and expansion. With its unique approach and the backing of Everywhere VC, Boom is set to redefine the renting landscape, offering new possibilities for financial empowerment to renters nationwide.

At its core, Boom believes in making housing more flexible, affordable, and rewarding. Beyond credit building, Boom also plans to introduce features like rent splitting and hosting large rental communities, further simplifying the renting process and enhancing the value for its users.

Key Entrepreneurial Lessons from Boom

• Innovation Driven by Empathy: Boom's inception highlights the importance of understanding and addressing real user needs.

• Strategic Support and Growth: The collaboration with Everywhere VC illustrates the impact of strategic partnerships in scaling innovative solutions.

• Redefining Industry Norms: Boom’s approach to rent payments demonstrates the potential for transforming traditional financial transactions into empowering tools.

To learn more about Boom's groundbreaking approach to renting, visit their website.