Managed App, a comprehensive payment gateway and management platform serving the property management industry, has raised $5.3 million in funding and appointed co-founder Nick Bouris as its CEO. The funding round was spearheaded by REA Group and Momentum Markets, and will be used to expand Managed App’s sales, marketing, and development teams. The company plans to double its user base over the next 12 months, following the successful acquisition of 58,000 users, including 18,500 owners, 23,000 tenants, and 5,500 tradespeople. Managed App automates payments between landlords, tenants, and tradespeople, reducing the need for complex trust accounting and enabling property managers to focus on servicing clients and developing their business. The platform recently surpassed $1 billion in transactions and has secured a position as the preferred technology partner for Century 21, resulting in a surge of agency customers across Australia’s states and territories.
Nick Bouris, co-founder and CEO of Managed App, said the funds would help to scale the company’s offering and “meaningfully change the entire property management sector for the better.” He also revealed that the company plans to expand into other real estate adjacent services, such as lending and insurance, in addition to unique features for trades. Bouris added that Managed App’s partnership with Possibl, an unsecured lending provider backed by Telstra Chairman John Mullen, is the first example of this expansion.
REA Group Chief Customer Officer, Kul Singh, praised Managed App’s approach to enhancing the work of agencies rather than disrupting the sector. Alex Whitlock, Director at Momentum Markets, described Managed App as a unique platform that dramatically improves efficiencies through automation while driving new revenue streams and greater profitability for clients. The deal was advised by BBB Capital. Managed App recently became the preferred technology partner for Century 21, which has helped the company secure agency customers in every state and territory of Australia.