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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’.

“With 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 company’s growth via RentPay,” Rent.com.au Chief Executive Officer Greg Bader said.

“Gross proceeds will be applied towards launching Rent.com.au’s flagship “tenancy period” 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.

“We’re fresh off the back of our best ever quarter to end FY20 and we’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.”

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