The Australian rental portal rent.com.au has announced that it is to launch a new mobile app designed to make paying rent easier for tenants. The new ‘Rentpay’ service will allow tenants to pay their rent from wherever they are through their phones as well as set up reminders and track past payments.
Although the ‘Rentpay’ project was launched back in February, it had to be halted due to the onset of the pandemic in March. The development is nearing completion now though with the collaboration of banks and trading was halted on the company’s stock earlier in the week ahead of the announcement. Reportedly the company will now issue 33 million new shares at 4.5 cents per share. After today’s announcement, the share price is up 4%.
Apart from the development of the new payment platform, rent.com.au hopes to use some of the funds raised to embark on a marketing campaign which is an area in which it tends to be drowned out by the larger budgets of realestate.com.au and Domain.