We're building an income and employment verification service for large residential property managers. From there, our mission is to make real estate easy for everyone involved.
Started my career at Goldman in NYC. After nearly 4 years, made the jump to the startup world as the 4th employee at a B2B Proptech company where I ran sales to property managers and had a front row seat to how broken consumer underwriting is. Now building Two Dots, an income verification platform and eventual fairer gateway to worlds credit & housing markets.
Max started his career as one of the first engineers on the income verification team at Blend, spending years working on this problem before making the jump to work on search at Google. After experiencing both the excitement of being early at a rapidly scaling startup (Blend is now public), and the mega-scale of search at Google, we decided we were the team to tackle the gigantic problem of payroll data.
Traditionally when a consumer wants to borrow money, take out a mortgage, or rent an apartment, they need to provide the underwriter with a bunch of financial documents to prove they can afford the product. This is a time consuming & fraud ridden process!
To solve this problem we’re first automating the process of verifying income and employment data for large property managers. Over time we plan to integrate with many data sources so payroll data can be seamlessly used to make better & faster underwriting decisions by any financial institution.
I started my career working at Goldman for 4 years, before making the jump to startup-land as the 4th employee at a proptech startup, where we processed online rental applications. Seeing up close how broken the income verification process is, and how broken the overall way underwriters decide who gets access to housing (credit scores), lead us to realize there’s a better way.
Max started his career as one of the first engineers on the income verification team at Blend, spending years working on this problem before making the jump to work on search at Google. After experiencing both the excitement of being early at a rapidly scaling startup (Blend is now public), and the mega-scale of search at Google, Max and I decided we were the team to tackle the broken consumer underwriting system.
Our biggest focus today is getting more customers, so if you know anyone managing thousands of rental properties we would love an intro!
Max and I have known each other since we were best friends at a middle school for gifted children in the Bay Area.After a four-year stint in the Foreign Exchange trading group covering Hedge Funds at Goldman, I spent two years as the fourth employee selling software to property managers. That experience taught me that every property manager’s biggest problem in their business was leasing, and no one had solved it. I called my old friend Max, who was working on the search team at Google, and asked him for advice on solving income verification for rentals. He responded that he had spent years working on this problem in the Mortgage space for Blend (now public), and that the transformers AI revolution finally made an end-to-end solution possible.Max resigned from Google a few months later, and we were working on Two Dots. Still hard to believe the serendipity sometimes.
Our plan is to build a 90%+ coverage on day 1 VOIE solution for enterprise property managers (30K+ units) using banking API (Plaid etc) transaction data + uploaded paystub document processing.
My cofounder built this product at Blend before he went to Google to work on search - at $20/screen this is an 80%+ gross margin product - ACV for a 100k unit manager is $3mm/ARR at shelf rates
There is an urgent need for this product in real estate due to seasonal leasing fluctuations (3x rental app volume in the summer vs winter) - income verification is done almost entirely manually in the industry & property managers can't dynamically scale staff to process income docs in the summer
Once we have achieved scale in Real Estate (I've spent the last 2 years of my career working on distribution in this space) - we will negotiate direct partnerships with payroll providers so we can provide SS# keyed VOIE (not user credential permissioned = extremally poor UX) & THEN compete head to head with Equifax in banking/fintech etc
From there the possibilities are nearly boundless - at minimum there's ~$80bn of market cap between Equifax/Transunion/Experian to disrupt given measuring prior willingness to pay through FICO is the fundamentally wrong way to do underwriting/regulate access to credit & housing markets in American society broadly. Instead underwriting should be based on ability to pay, which requires income & employment data as it's base.