When Jamie Petraglia and 29th Street Capital approached Stackpoint with the concept for Whale, a new fintech platform for renters and landlords, they were looking for more than just capital or advisory support—they needed a true co-founding partner to bring this idea to market. At Stackpoint, we take a highly selective approach to company building, launching only 3-5 ventures per year compared to other studios that might launch dozens. This selectivity allows us to provide deep, hands-on support to each venture we choose to build. Before committing our team and resources to Whale, we put it through our rigorous venture scorecard—a framework we use to evaluate market opportunity, differentiation, execution feasibility, and long-term financial viability.
The Current State of Security Deposits
Security deposits represent a significant inefficiency in the rental market. For landlords, they create regulatory and administrative burden, requiring compliance with varying state laws and manual oversight. For renters, security deposits lock away capital that could be used productively for savings, investments, or debt reduction.
While deposit alternatives exist, they often function as insurance products that increase long-term costs for renters. Whale takes a different approach by placing security deposits in interest-bearing accounts, allowing renters to earn returns while maintaining the protection landlords require. The platform also introduces Whale Grow, enabling renters to access additional investment opportunities and banking tools.
Putting Whale to the Test: The Stackpoint Venture Scorecard
Every venture we launch must meet specific criteria that determine whether it meets our investment criteria. We evaluate six core areas:
Is There a Clear, Painful Problem?
Successful ventures must address problems that customers are actively seeking to solve. Through conversations with property owners, including 29SC, we confirmed that deposit management creates significant operational overhead. Property owners expressed clear interest in delegating this responsibility given a compliant solution. For renters, the pain point is financial—traditional deposits tie up capital without providing returns, while existing alternatives often increase total costs.
Market Size and Growth
The security deposit market represents $45 billion annually, serving 45 million U.S. renters. The broader financial services opportunity includes potential expansion into investment management and banking services for renters, similar to established platforms like Wealthfront or Betterment, but specifically designed for the rental market.
Product Differentiation
Several companies have attempted to solve the security deposit problem. Existing solutions either replace deposits with insurance products or automate management for landlords. Whale's approach is distinct: it eliminates administrative work for landlords while allowing renters to maintain ownership of their capital and earn returns. The addition of Whale Grow creates opportunities for long-term financial relationships with renters.
Execution Feasibility
The technical implementation focuses on two key areas: integration with property management systems like Entrata and Yardi, and compliance with banking regulations for deposit management. Whale's architecture leverages existing Banking-as-a-Service infrastructure, enabling faster development while maintaining regulatory compliance. Jamie Petraglia's background in both fintech and proptech provides the necessary domain expertise for execution.
Path to Financial Viability
Whale's revenue model is built on two primary streams:
Processing Fees
Assets Under Management (AUM) Fees
With 1 million units and moderate AUM per renter, the model projects $10M+ in annual revenue with one product alone, providing a clear path to profitability.
Team and Early Traction
Jamie Petraglia brings 18 years of financial services experience and 5+ years in proptech, including leadership roles at Latch and Moved. This experience combines technical knowledge with go-to-market execution capability.
The venture launches with committed distribution through 29SC's 19,000-unit portfolio and verbal commitments from property owners managing hundreds of thousands of additional units, providing clear initial market access.
The Opportunity
Based on our venture scorecard assessment, Whale demonstrates the key elements we look for: a validated problem, clear market opportunity, differentiated solution, and strong execution team. The combination of Jamie's leadership, 29SC's distribution network as a starting point, and Stackpoint's company-building capabilities positions Whale to address the inefficiencies in security deposit management while building a broader financial services platform for renters.
1. Clear Customer Pain Point → ✅ Strong Signal
✔ Landlords: Managing security deposits is a costly, compliance-heavy headache. Whale ID removes this burden entirely.
✔ Renters: They’re tired of locking away thousands of dollars with no return. Whale gives them interest on their security deposit and an on-ramp to better financial services.
2. Market Opportunity → ✅ Large & Growing
✔ Total Addressable Market (TAM): $45 billion is locked in security deposits across 45 million U.S. renters.
✔ Industry Trends: More landlords are looking for ESG-friendly financial solutions, and fintech adoption among renters is growing.
✔ Distribution Advantage: 29SC committed to rolling out Whale across their 19,000-unit portfolio, with verbal buy-in from 100,000+ additional units at launch.
3. Differentiation & Competitive Edge → ✅ Clear & Defensible
✔ Unlike deposit alternatives (Jetty, Rhino), Whale lets renters keep and grow their deposit instead of paying for an insurance-like product.
✔ Unlike traditional deposits, Whale eliminates landlord management hassle while still holding funds securely.
✔ Expansion Potential: Whale Grow can become a broader financial services platform for renters, offering investment tools, payments, and credit products.
4. Feasibility & Execution Potential → ✅ High Confidence
✔ Regulatory & Compliance Feasibility: Whale ID works within existing security deposit frameworks, and Whale Grow leverages proven fintech models.
✔ Tech Feasibility: API integrations with property management systems (PMS) like Entrata and banking partners are required, but achievable.
✔ Execution Team: CEO Jamie Petraglia has 18+ years in finance (trading & wealth management) and 5+ years in proptech (Latch, Moved).
5. Path to Attractive Unit Economics → ✅ High-Probability Scale
✔ Security Deposit Processing Fees: Initial monetization through a $19.50 net processing fee per deposit.
✔ Wealth Management Revenue: A 0.25% AUM fee on Whale Grow deposits, targeting long-term financial relationships.
✔ Path to Series A: With just 1 million units, Whale can hit $10M in annual revenue, providing a strong foundation for venture-scale economics.
6. Founder & Early Partner Strength → ✅ Strong Backing
✔ Founder Fit: Jamie Petraglia has deep fintech and proptech expertise.
✔ Early Partners: 29SC is not just an investor—they’re a distribution partner, deploying Whale across their portfolio.
✔ Stackpoint Leverage: Whale builds on our growing expertise in multifamily fintech (alongside Surface), reinforcing our network and credibility.
