Payments and real estate property management platform Managed App has 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 looks 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 tackles and ends a key pain point for real estate agents: the need for trust accounts and the complicated accounting that follows. The platform automates payments between landlords, trades and tenants, so property managers can spend more time servicing clients, rather than tackling paperwork.
The app now has 58,000 users, including 18,500 owners, 23,000 tenants and 5,500 tradespeople, and recently surpassed more than $1 billion in transactions processed.
Real estate brand Century 21 recently made Managed App its preferred technology partner, giving the startup agency customers in every national state and territory.
Bouris said the capital comes at a crucial time.
“We now have the partnerships in place to really scale our offering and meaningfully change the enti re property management sector for the better,” he said.
“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.”
Now CEO, Bouris said the building an ecosystem of agencies, tenants, owners and tradespeople that supports the real estate industry rather than disrupting it.
“We’ve steadily grown our presence among trades, as our marketplace jobs sees them paid immediately due to our integration with Australia’s New Payments Platform (NPP). With interest rates on the rise, we suspect that the immediacy of payments through the platform will also be very appealing for owners’ cash flow,” he said.
“The next phase of our growth involves us creating more value for our users by expanding into other real estate adjacent services such as lending, insurance in addition to other unique features targeted at trades.”
Ab unsecured lending partnership with cashflow solutions provider, Possibl – a new unsecured lender backed by Telstra chairman, John Mullen – is one example of that ambition.
REA Group chief customer officer, Kul Singh said the were eager to support the company’s initiatives.
“Managed App’s strategy to enhance the work of agencies rather than completely disrupt the sector is an approach we’re very aligned with,” he said.
“Partnering with the industry is a key part of the company’s success to date, and the growth is a testament to this.”
Momentum Markets director Alex Whitlock said the cash injection will ensure the business can scale up rapidly
“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,” he said.
