PRODA and ING Procurement: The Two Entities are Joining Forces

If you’ve been keeping up with the 12-part Women of Proptech series, then you’ve seen us talk about PRODA before. This London-based proptech startup focuses on the commercial real estate sector using AI-backed technology to offer rent roll solutions to its consumers. 

Recent news surrounding the startup is the successful conclusion of a Proof of Concept (PoC) with ING and they are now working towards the purchase stage of the deal. 

Peter Bredthauer, Co-Founder and CEO of PRODA said: 

“Automation within real estate finance has always been slow-moving. However, ING’s relationship with PRODA over the last few months showcases the leaps and bounds at which the industry is progressing, and we are excited to be part of that journey.”

ING is a leading real estate lender in Europe. Mike Shields, EMEA Head of Real Estate at ING, explained that the company is bent on supporting innovation within the real estate industry. 

“PRODA’s initiative stood out and we decided to pilot their tool with the help and support of some of our most valued global clients, who agreed to share their rent roll data for piloting purposes. The automated, digitized, and standardized data output as provided by the PRODA tool, significantly sped up the processing of client data.”

With the PoC, ING will guide the PRODA software solution for four weeks across France, the Netherlands, and the UK. If successful, ING will utilize PRODA software across its wider platform.

Bredthauer said:

“PRODA was set up to tackle the challenges that we have been able to solve for ING, so we are looking forward to continue working with them to automate and streamline their processes.”