The Australian headquartered technology company PropTech Group has today announced that it has entered into a joint venture agreement with three other companies to form the "PropPay Joint Venture".
PropPay promises to be a white-labelled payments platform that will allow real estate agency operators to offer 'buy now pay later' solutions to their customers for all manner of real estate transactions.
The three companies with which PropTech Group has formed the JV are:
Each of these companies along with Proptech Group will be able to appoint one Director to the board of the newly formed PropPay Holdings with PropTech Group taking an initial 20% holding in the new firm and the right to earn additional equity based on revenue contribution performance.
Convini founder Cameron Owens will be charged with leading day to day operations of the newly formed company with his first priority being to hire a team to build market share in Australia before expanding to New Zealand.
In a joint announcement, the CEO and Managing Director of PropTech Group, Joe Hanna, said PropPay’s aim is to bridge the gap between PropTech and FinTech by providing payments and BNPL technology for real estate agents to stay ahead of the game and simplify the payment experience when buying, selling or renting, something that real estate operators are increasingly in need of:
“Our clients are telling us that they need access to payment options that will enable them to transact quicker, provide a better user experience and allow them to offer clients access to funds throughout the selling and rental process.”
The Co-Founder and CEO of FlipPay, Fidaa Haddad said that PropPay’s platform will be made available with deep integrations into CRM platforms, property management, selling middleware and direct in terms of hierarchy.
“Real estate businesses will be able to offer a range of flexible payment options, from accepting online payments, deferring marketing costs, providing customers with pay-in-instalments options for certain services and releasing commissions early.”
The market for real estate payment solutions in Australia and New Zealand is one that is gaining uptake among consumers. PropPay is likely to compete with the likes of recently launched RentPay product from the Australian portal company Rent.com.au.