The co-founder and CEO of rent-payment provider Circa talks about the startup’s business model, her experience in the Roux institute Techstars Accelerator program, and why she’s moving her business to Maine.
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Leslie Hyman is a co-founder and CEO of rent-payment provider Circa, a startup in the process of relocating from Connecticut to Maine after completing the Roux Institute Techstars Accelerator program in Portland. Mainebiz caught up with the fintech entrepreneur after December’s “Demo Day” business pitch event, where she and her team wore T-shirts that said “Reinvent Rent.”
Mainebiz: What did you do before starting Circa, and what drew you to starting a startup?
Leslie Hyman: I was in financial services at AIG, MetLife and Swiss Re. For years I had listened to consumers who struggled to pay their bills. When they called they often said, ‘I just need a little more time.’
MB: How does Circa work for residents and property owners — what do you offer that the current system doesn’t?
LH: By giving residents payment flexibility and removing friction, we help the property owner collect rent and past due/arrears payments. No one else is doing that the way we are — when it’s needed, with the click of a button on a mobile app.
MB: You also talk about Circa being a win for the community at large. How so?
LH: We built our product with the property owners and residents in mind. We offer flexibility, choice and communication all from an app and with a tone that is based on mutual respect. This helps the residents, giving them control to pay their rent when they want and how they want. By improving the relationship between property managers and residents, the whole community benefits.
MB: Who and where are Circa users?
LH: We have properties in New York and Ohio and are starting to onboard properties across 16 states in the Northeast. We have residents using Circa who live in mobile homes and also have residents living in small multi-family buildings. We have properties interested in using Circa because the app with flexible payment schedules can be a differentiator to attract millennials looking for amenities.
MB: For you personally, what’s been the most valuable part of participating in the Roux Institute Techstars Accelerator?
LH: It was incredible in so many ways. The TechStars team, led by [Managing Director] Lars Perkins and [Program Manager] Santi Zindel, created an environment that made me and our team thrive. They removed all obstacles; provided a group of over 60 mentors; facilitated matching me with five awesome lead mentors; and helped me become a confident and caring CEO.
MB: What are your growth and hiring plans?
LH: We’ve just brought on two people from Maine who started at the beginning of January. We’re actively recruiting three tech roles and are posting the jobs in Maine, and soon will need someone in customer service.
MB: What’s your strategy for fundraising?
LH: We are already speaking with angel investors, individual investors and venture capital firms. We are also working with various Maine organizations to secure funds that support startups. The Maine FAME program is incredibly beneficial to attract investors, and we are grateful for the environment in this state that helps small companies grow.
MB: What made you decide to relocate your company to Maine?
LB: I’ve always loved Maine and have a home on North Haven. As a CEO, I love the business community. I find business leaders here are open to discussions, collaboration and working together to achieve goals. We feel welcomed and at home.
MB: What else is ahead for Circa in 2022?
LH: We are growing our product and our sales. We’re preparing to bring on a property with over 11,000 units and will be onboarding more every month. We are also starting a program that responds to the hundreds of individual residents who contact us asking to use Circa every day.
MB: Longer term, what’s the exit vision for Circa — a sale or IPO down the road?
LH: We see a number of possible exit strategies and have already been contacted by a global software company interested in us. But for now, our team is focused on growing the business and making sure we support our properties and their residents every day.
