REA backs proptech app Managed in $5.3M raise

Payments and property management platform Managed App raised $5.3 million.

The round was led by REA Group and Momentum Markets. The funds will be used to grow the sales, marketing and development teams as the five-year-old startup seeks to double its user base over the next year.

Founded in 2017 by Nick Bouris and Thom Richards, Managed App is the first and only automated payment platform for property management.

It addresses and ends a key problem for real estate agents: the need for trust accounts and the complicated accounting that ensues. The platform automates payments between landlords, merchants and tenants, so property managers can spend more time serving customers, rather than dealing with paperwork.

The app now has 58,000 users, including 18,500 owners, 23,000 tenants and 5,500 merchants, and recently surpassed $1 billion in transactions processed.

Real estate brand Century 21 recently made Managed App its preferred technology partner, providing the startup agency with clients in every state and national territory.

Bouris said the capital comes at a crucial time.

“We now have the partnerships in place to really expand our offering and significantly change the entire property management industry for the better,” he said.

“Property managers spend hours every day settling payments between landlords, tenants, creditors and merchants. The managed app removes this process entirely. This automation also removes any risk of theft and fraud on trust accounts.

Now CEO, Bouris said it was about creating an ecosystem of agencies, tenants, landlords and traders that supports the real estate industry rather than disrupting it.

“We have been steadily increasing our presence among trades as our in-market jobs see them paid immediately due to our integration with the new Australian Payments Platform (NPP). With rising interest rates, we believe the immediacy of payments through the platform will also be very attractive to owners’ cash flow,” he said.

“The next phase of our growth involves us creating more value for our users by expanding into other adjacent real estate services such as lending, insurance in addition to other unique features aimed at trades.”

An unsecured loan partnership with cash solutions provider, Possibl – a new unsecured lender backed by Telstra chairman John Mullen – is an example of this ambition.

REA Group Chief Customer Officer Kul Singh said they were eager to support the company’s initiatives.

“Managed App’s strategy of making agencies work better rather than completely disrupting the industry is an approach we’re fully aligned with,” he said.

“Industry partnership has been a key element of the company’s success to date, and the growth is proof of that.”

Momentum Markets director Alex Whitlock says the cash injection will allow the business to grow rapidly

“It’s a unique platform. It dramatically improves efficiency through automation while generating new revenue streams and greater profitability for its clients, and that’s why it’s the preferred technology for growth agencies,” he said. declared.

Comments are closed.