Ryse

What do they actually do

Ryse runs a B2B rent-advance service for property management companies. Property owners submit their leases and basic documents; Ryse underwrites the lease, funds an approved advance, and then services collections. Managers can offer it as a white‑label program and earn a 2% commission on every dollar advanced to owners they refer, while Ryse takes on the credit work and liability rather than the property manager Ryse site, Resources.

The product currently advances up to 11 months of rent at roughly a 90% advance rate, with funding advertised “in days,” and Ryse highlights metrics on its homepage such as 3,800+ advances, 99% satisfaction, $150M+ available capital, and $12M+ in advances funded Ryse site.

Looking ahead, Ryse says it aims to pool and standardize lease cashflows so banks and asset managers can buy them—i.e., evolve from single advances into a secondary market for leases—while growing originations via property-manager partnerships and integrations like RentManager YC page, RentManager integration.

Who are their target customer(s)

• Property managers / management companies: They need a way to help owners get cash quickly without taking on underwriting, collections, or credit risk themselves. They prefer a low‑effort, white‑label program that slots into existing workflows and pays a commission Ryse site.
• Small landlords / individual property owners: They have rent due over coming months but need cash now for repairs, payroll, or vacancies. Bank loans can be slow or hard to qualify for; they want a predictable, document‑light way to convert future rent into working capital Ryse site.
• Real‑estate operators / portfolio owners: Operators managing multiple leases often need fast, non‑dilutive capital for renovations, scale, or concentrated cash needs without long‑term covenants. They want larger, repeatable advances on predictable terms YC page.
• Property‑management software platforms (e.g., RentManager): Vendors want to retain managers and streamline workflows but building underwriting, payments, and servicing is costly. A turnkey embedded advance product lets them offer owner liquidity without building a lending stack RentManager integration.
• Banks and institutional capital buyers (future): They want standardized, investable pools of lease cashflows but face fragmented documentation and inconsistent underwriting across owners. A platform that aggregates and standardizes leases can make buying lease‑backed assets scalable YC page.

How would they acquire their first 10, 50, and 100 customers

• First 10: Run hands‑on pilots with large property managers, white‑label the experience, closely manage underwriting and funding for a handful of their owners, and pay the 2% commission to prove ease and economics Ryse site, Resources.
• First 50: Convert mid‑market managers using early case studies and on‑platform metrics, and distribute via property‑management platform integrations (e.g., RentManager) plus targeted outbound to similar accounts Ryse site, RentManager integration.
• First 100: Make onboarding self‑serve across multiple PMS integrations, standardize underwriting/legal templates, co‑sell with software partners to land batches of managers, and expand capital capacity for larger pilots RentManager integration, YC page.

What is the rough total addressable market

Top-down context:

U.S. tenant‑occupied rent spending was about $740B in 2024, per BEA PCE data—this covers residential tenant rent only and excludes owner‑imputed rent and commercial leases. There are ~42.5M renter households, with median monthly renter housing costs around $1,406 in 2023 FRED/BEA DTENRC1A027NBEA, U.S. Census.

Bottom-up calculation:

If 5% of renter households’ landlords used an advance once per year, with a 9‑month average advance on median rent (~$1,406/mo), annual advance volume would be ~2.125M advances × ~$12.7k ≈ ~$27B. At a 4% platform take rate, that implies ~$1.1B annual revenue potential, residential only U.S. Census.

Assumptions:

• Residential only; excludes commercial leases and owner‑imputed rent.
• 5% annual adoption among rentals; one advance per year; 9‑month average advance; median monthly cost ≈ $1,406.
• Illustrative 4% blended take rate on funded advance volume; actual economics depend on underwriting, discount rate, fees, and loss rates.

Who are some of their notable competitors

• Upfront Rent (Steady | Rent Advance): Offers owners up to 12 months of rent upfront through partnered property managers—very similar landlord‑facing rent‑advance positioning Upfront Rent.
• Nomad Rent Advance: Property management platform offering guaranteed rent and a rent‑advance product for landlords; adjacent model targeting owner cash‑flow needs Nomad.
• Pipe: Embedded capital marketplace that lets platforms offer advances against predictable revenue streams; a horizontal competitor/partner for trading contracted cashflows Pipe, Pipe Capital.
• Flex: Consumer rent‑smoothing and advance product for tenants rather than landlords; adjacent alternative that can reduce owners’ short‑term cash gaps from tenant delinquencies Flex.
• Scraye Advanced Rent (UK): International analogue offering landlords rent paid upfront; shows similar models exist in other markets and may expand geographically Scraye.