Digital payments and banking company, Novatti Group, and Rent.com.au., have entered a two way agreement to empower Rent.com.au's new rental payments solution, RentPay. This service has been valued at $10 million at pre-launch.
RentPay is a digital solution that claims to offer unparalleled flexibility and choice for the renting community, while offering useful features to property agents and landlords.
The service allows simplified access for renters to make and track payments, set reminders, choose new ways to pay with a “host of other features under development”.
In a joint statement, the two companies declared they had signed a dual agreement, comprised of a subscription and a Software as a Service (SaaS) element.
Rent.com.au signed a 36-month SaaS agreement that tasks Novatti with building and operating a payments backend with Novatti’s payments scale and potential banking capability set to facilitate a “compelling customer offer”.
The key terms of the subscription agreement include several provisions for Novatti to acquire and raise its stake in RentPay over time. To begin with, Novatti has acquired 2.5% of RentPay for $250,000, with the fee to be paid via services provided by Novatti under the SaaS agreement.
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