Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Proptech and fintech forces to combine

By Grace Ormsby
01 September 2021 | 1 minute read
Proptech and fintech forces to combine

Big names in the proptech and fintech spaces have indicated a willingness to tackle the real estate payments space, by teaming up on a new joint venture.

An announcement posted on the ASX has revealed the PropTech Group (PTG), Flip Money (FlipPay), Convini and the BC Investment Group have all joined forces on the new venture, aptly named: PropPay Holdings.

Under the agreement, PropPay will create a marketplace for real estate related payments for businesses and consumers – both owners and tenants across both Australia and New Zealand.

Advertisement
Advertisement

According to a statement, PropPay will “simplify the payment experience when buying, selling or renting a property”.

Card and online payments will be facilitated through an open application program interface (API), as well as through buy now pay later (BNPL) solutions.

Day-to-day operations of PropPay will be the responsibility of Convini’s founder and CEO Cameron Owens.

He will be charged with building out a team to actively secure market share – first in Australia, before moving into New Zealand. 

He sees “huge” potential for PropPay to become “a significant game changer for real estate services”.   

CEO and managing director of PTG, Joe Hanna, said the aim of PropPay “is to bridge the gap between PropTech and FinTech”. 

By providing payments and BNPL technology in the real estate space, he said real estate agents would be better placed to “stay ahead of the game and simplify the payment experience when buying, selling, or renting”. 

From his perspective, PTG’s CRM market share makes it “the ideal partner to promote PropPay’s payment solutions”.

“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 CEO considered.

“PropPay does just that and enables real estate agents to provide funding for services common in any real estate transaction, including vendor paid advertising and property styling required to make a property ready for sale or rental, plus the early payment of commissions to agents.” 

FlipPay co-founder and CEO, Fidaa Haddad, has indicated that the PropPay platform will be made available with deep integrations into CRM platforms, property management, selling middleware and direct in terms of hierarchy.

According to him, it’s FlipPay’s technology architecture and expertise that will enable PropPay to offer white label payment services to real estate agencies and third-party platforms, while a partnership with Till Payments will enable PropPay “to bring new capabilities to the real estate sector”.

Calling the payments system experience “seamless”, he added that 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.

Proptech and fintech forces to combine
CameronOwens Joe Hanna Fidaa Haddad reb
lawyersweekly logo

Tags:

ABOUT THE AUTHOR


 

Do you have an industry update?

top suburbs

12 month growth
Warren
49.59%
Mullumbimby
49.48%
Waverton
49.18%
Blairgowrie
48.97%
Porepunkah
48.95%
Streaky Bay
48.89%
Bruce
48.67%
Koolewong
48.46%
Failford
48.4%
Victory Heights
48.22%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.