Rent.com.au, a proptech company specializing in rentals, has secured $1.5 million in funding to develop a new mobile app called ‘Rentpay.’ This app aims to simplify the rent payment process for tenants, allowing them to pay rent, set reminders, and track past payments via their phones.
Although the project was initially launched in February, the pandemic forced the company to halt development. Now, with the support of banks, the app is close to completion.
Trading on the company’s stock was paused earlier this week ahead of the announcement, and it is reported that rent.com.au will issue 33 million new shares at 4.5 cents per share. After the announcement, the share price rose by 4%. In addition to developing the payment platform, rent.com.au intends to use some of the raised funds for marketing campaigns to increase visibility against larger competitors like realestate.com.au and Domain.