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Rent.com.au raises $1.5m to launch RentPay

Rent.com.au has raised $1.5 million to market and launch their flagship ‘tenancy period’ product ‘RentPay’.

โ€œWith our existing core Rent.com.au business now profitable, and with RentPay development nearing completion, the placement ensures that we are well placed to drive the next phase of the companyโ€™s growth via RentPay,โ€ Rent.com.au Chief Executive Officer Greg Bader said.

โ€œGross proceeds will be applied towards launching Rent.com.auโ€™s flagship โ€œtenancy periodโ€ product, RentPay.

“Significant progress has been made with the majority of RentPay development completed, with payment systems and banking integrations underway and to be completed before user trials commence.

โ€œWeโ€™re fresh off the back of our best ever quarter to end FY20 and weโ€™re performing strongly in the current quarter too which has no doubt contributed to our capital raising being over-subscribed.

“We remain thankful for the strong support from our existing shareholders and welcome the new investors into our shareholder base.โ€

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