Managed App, the first and only automated payment platform for property management, has raised $5.3 million and appointed co-founder Nick Bouris as its new CEO. The funding round was led by REA Group and Momentum Media and Managed App says it plans to use the funds to grow its sales, marketing, and development teams as it seeks to double its user base over the next 12 months.
Managed App was founded in 2017 by Nick Bouris and Thom Richards. The company claims to be the first and only automated payment platform for property management, offering an end-to-end payment gateway and management platform for the industry. Managed App says it eliminates the need for trust accounts and complicated trust accounting and the platform automates payments between landlords, trades, and tenants, empowering property managers to spend more time servicing clients and growing their businesses.
Managed App has surpassed over $1 billion in transactions on its platform, with 58,000 users, including 18,500 owners, 23,000 tenants, and 5,500 tradespeople. The company recently became the preferred technology partner for real estate giant Century 21, which has helped Managed App land agency customers in every state and territory of Australia.
Incoming CEO of Managed App Nick Bouris said: “These funds come at a crucial time for the business. We now have the partnerships in place to really scale our offering and meaningfully change the entire property management sector for the better.”
“Property managers spend hours every day punching in payments between landlords, tenants, creditors and trades. Managed App removes this process entirely. This automation also removes any risk of theft and fraud from trust accounts.”
“We’re building an ecosystem of agencies, tenants, owners, and trades. We’ve steadily grown our presence among trades, as our marketplace jobs sees them paid immediately due to our integration with Australia’s New Payments Platform (NPP). With interest rates on the rise, we suspect that the immediacy of payments through the platform will also be very appealing for owners’ cash flow.”
“The next phase of our growth involves us creating more value for our users by expanding into other real estate adjacent services such as lending, insurance in addition to other unique features targeted at trades.”
“The first example of this is an unsecured lending partnership recently formed with cash flow solutions provider, Possibl – a new unsecured lender backed by Telstra Chairman, John Mullen.”
REA Group Chief Customer Officer, Kul Singh, said: “Managed App’s strategy to enhance the work of agencies rather than completely disrupt the sector is an approach we’re very aligned with. Partnering with the industry is a key part of the company’s success to date, and the growth is a testament to this. We are excited to be a part of the Managed App journey and eager to support the company’s initiatives.”
Managed App has seen significant success in the Australian real estate industry, where there is a high demand for property management services. Its automated payment platform eliminates the need for trust accounts and complicated trust accounting, streamlining the payment process for landlords, tradespeople, and tenants. By automating payments and reducing the amount of time spent on manual accounting, Managed App empowers property managers to focus on servicing clients and growing their businesses.
