Tenant-landlord rent payment platform RentMoola will be hosting an Investor Open House on October 5th, at the company’s head office on West Georgia Street in downtown Vancouver.
RentMoola, founded by twin brothers Patrick and Phillip Postrehovsky in 2013, brings paying rent into the 21st century, allowing tenants and owners to make rent and other payments by credit card, debit card, RM eCheck, RM Cash or RM BillPay on any web-enabled device from over 100 countries.
The company is currently working with some of the largest landlords and property managers in North America, including Centurion Apartment REIT.
“Once millennials hear about RentMoola they fall in love with our service,” said co-founder & COO Philipp Postrehovsky. “Millennials expect to make rewarding payments when they want from anywhere and we let them do that. Most have never even seen a cheque, let alone written 12 posted dated rent cheques.”
Minimum investment is $5,000.10, with increments of $0.42/share from there, in registered or non-registered funds.
RentMoola closed a $0.36 offering in March, and has been busy growing since then, expanding at a rate of 15%-20% month-on-month.
In June, RentMoola won the Start-Up of the Year award at the eighth annual Metabridge tech networking retreat in Kelowna, and were also named “Best Online Business” at the Notable Awards in Toronto in February.
In July 2015, RentMoola was one of three companies to graduate from the BC Tech Association’s (formerly known as the BC Technology Industry Association) first HyperGrowth accelerator cohort.
RentMoola was born out of co-founder Patrick Postrehovsky’s experience of paying rent in cash in Shanghai, which involved visiting an ATM machine for four consecutive days at the end of each month in order to amass the funds necessary to have the payment on time, each withdrawal capped by a daily limit.
RentMoola also has developed a perks system as part of its platform, called MoolaPerks, that provides exclusive deals to travel, lifestyle, home services and other rewards redeemable across North America, UK and Europe with partner companies, including Starbucks, Booking.com, Uber, 1-800-Got-Junk?, Wiivv and Rover.
The rewards idea, which is integral to RentMoola’s platform, came about when Postrehovsky realized that he could purchase local currency using his rewards credit card at Vancouver International Airport’s foreign exchange office for a small service fee, which quickly turned his process of rent payment into numerous free flights.
The company plans to remain privately held for the next two to three years before considering exit through a sale or an IPO.
RentMoola’s platform also incorporates office leasing, utilities, marina fees and other real estate-related payments, which reduces late payments and defaults.
Paying rent remains one of the final significant transactions that many people have yet to migrate to an online payment system, with lots of otherwise tech savvy people still forking over paper cheques each month, despite the fact that it’s 2016.
Residential renters in the United States alone spent over $500 billion on rent last year, with a large portion of that paid using either cash or paper cheques.