Rent.com.au has released its long-awaited RentPay platform, with the application now available in the Apple and Google Play stores.
The company made the announcement to the ASX today, and said the platform employed the latest technology to give renters greater flexibility, support and improved financial wellbeing and would enable agents and landlords to receive their rent quickly and reliably.
The platform is designed to continue to evolve technically as Australia’s banking infrastructure modernises, and as a value proposition for customers as new products and partners are added.
“Our vision is to reimagine the renting experience to create Australia’s most empowered rental community and RentPay is a significant milestone towards that goal,” Rent.com.au Chief Executive Officer Greg Bader said.
“Our renter customers tell us of the frustrations they have with the rental experience and in many instances there is just no justification for things being the way they are.
“By listening to these concerns and being mindful of the needs of agents and landlords too, we believe we’ve developed the right solution whereby renters receive flexibility, support and improved financial wellbeing while agents and landlords receive their rent quickly and reliably.”
Earlier this year, tech entrepreneur Bevan Slattery invested more than $2 million in Rent.com.au, which in turn led the share price to more than triple.
At the time, Mr Bader told Elite Agent the capital injection and increased attention would help the company accelerate its plans to launch RentPay.
“Bevan has helped us raise our profile, which is great,” he said.
Rent.com.au also hit a milestone in February, with one million Renter Resumes having been created on the platform.
Mr Bader said the original rent.com.au platform was now profitable “and by adding the RentPay platform we are poised to significantly increase that growth”.
“Our internal target is to achieve 200,000 paying RentPay customers by June 30, 2023, which equates to just under 10 per cent market share,” he said.
“That is aggressive but we believe we can achieve that.”
Mr Bader was quick to praise the efforts of staff in preparing RentPay for its public launch.
“They have been involved in every aspect of getting RentPay ready including testing, putting in place compliance processes as well as the actual software development,” he said.
“We’ve grown so much as a team and business as a result.”