Managed App, a proptech startup that provides automated payment services for landlords and tenants, today announced raising a $5.3 million fundraise led by REA Group and Momentum Markets, according to Startup Daily.
Founded in 2017, the company says it will use the capital to expand its sales, marketing and development team in an effort to double its use base over the next year.
Managed App provides an automated payments platform property owners, agents and residents, which it says streamlines trust accounts and complicated accounting systems that often create key pain points for real estate agents.
The app currently has 58,000 users, with the company saying this comprises of 18,500 owners, 23,000 tenants and 5,500 tradespeople. It also noted that it recently surpassed $1 billion in transactions processed.
Notably, real estate brand Century 21 also recently chose the proptech as its preferred technology partner, signaling a new period of nationwide growth for the company that coincides with this funding.
“We now have the partnerships in place to really scale our offering and meaningfully change the entire property management sector for the better,” said Managed App co-founder and CEO Nick Bouris.
Recognizing certain patterns of behavior that are driven from generational differences enables financial institutions to create custom communications for Baby Boomers, Gen X, Millennials and Gen Z.
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“Property managers spend hours every day punching in payments between landlords, tenants, creditors and trades. Managed App removes this process entirely. This automation also removes any risk of theft and fraud from trust accounts,” he said.
In addition, the CEO stated the company is also building an ecosystem of agents, brokerages, tenants, owners and tradespeople to support the industry through its platform.
One example is its recent lending partnership with Possibl, an unsecured cashflow solution lender backed by Telstra chairman John Mullen.
“This is a unique platform. It dramatically improves efficiencies through automation while driving new revenue streams and greater profitability for its clients, and that’s why it is the preferred technology for growth agencies,” stated Momentum Markets director Alex Whitlock.
In other recent proptech news, Sundae CEO Josh Stech discussed recent product launches for the company, market outlooks and plans ahead. Ukio also raised $2.7 million in debt funding for its flexible living solution.