Reapit and PayProp join forces

The move is backed by a substantial investment from technology-focused private equity firm, Accel-KKR.

Related topics:  Business,  Landlords,  letting agents,  PayProp
Property | Reporter
5th December 2023
Reapit PayProp 550
"Together, we will provide a premium end-to-end service with the goal of enabling our customers to do business more efficiently, remain compliant with the latest regulations, and grow profitably"
- Johannes van Eeden - PayProp

Technology solution providers Reapit and PayProp have announced that they are joining forces with the firms focussing on delivering greater value and innovation to real estate and letting agents worldwide.

The move offers customers of both companies the opportunity to have a single provider that delivers capabilities across sales, letting, property management, client account management, and secure, automated disbursement of payments to the appropriate stakeholders.

Mark Armstrong, CEO of Reapit, commented: “Our two companies are both highly oriented around service and customer success. Our combined path is clear: to lead and drive the digital transformation of the property sector, which is a huge asset class.”

“We could not be more excited about the technology, customers and employees that PayProp brings to the combined entity,” Armstrong added. “PayProp has a loyal customer base that benefits from efficient and secure payment, reconciliation and settlement. Many PayProp customers, I am sure, will be keen to discover the end-to-end functionality and support that Reapit offers.”

Johannes van Eeden, CEO, of PayProp put the emphasis on growth opportunities, saying: “Both of our companies have an excellent reputation for eliminating back-office inefficiencies and lowering administrative costs. Together, we will provide a premium end-to-end service with the goal of enabling our customers to do business more efficiently, remain compliant with the latest regulations, and grow profitably.”

Reapit is an established brand in the United Kingdom Ireland, Denmark, Australia and New Zealand, and the United Arab Emirates. PayProp serves a large group of letting agents and rental property managers across the United Kingdom, South Africa, Canada & the United States.

Park Durrett, Managing Director at Accel-KKR and a board member of both Reapit and PayProp added: “We look forward to working with Mark, Johannes, and their teams to help create a true end-to-end PropTech platform that enables our customers to grow, become more efficient and fulfil their mission to find homes for their customers.

He concluded: “Reapit and PayProp coming together creates a major force in the PropTech sector and provides a springboard for further growth of the combined entity, which already has a significant footprint in four continents with considerably more than a million properties under management.

"The combination of Reapit’s expertise, resources and support in real estate management with PayProp’s expertise in payment and reconciliation will undoubtedly bring significant value to the global estate agency and letting industry.”

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