Total
0
Shares
Rent.com.au (ASX:RNT)- CEO, Greg Bader
CEO, Greg Bader
Source: Property Portals Watch
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Rental property website, Rent.com.au (RNT) is set to raise $1.5 million to launch its new Rentpay service
  • Rentpay is an app which has been developed to help tenants pay their rent wherever they are, track history and set up reminders
  • The company will issue over 33 million shares for 4.5 cents each
  • CEO Greg Bader said the Rentpay development is nearly completed with payment systems and banking integrations underway
  • On the market this afternoon, Rent is up four per cent and is trading for 5.2 cents per share

Rental property website, Rent.com.au (RNT) to raise $1.5 million to launch Rentpay.

Earlier this week, the company went into a trading halt ahead of this announcement.

Rent will issue over 33 million shares at an issue price of 4.5 cents per share, which is a 10 per cent discount to the last price the company shares were last trading.

In February, the company teamed up with Novatti to create Rentpay. Rentpay is an app to help tenants to pay their rent wherever they are, track the history of past payments and set up reminders for future payments.

“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,” CEO 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,” he added.

Rent had a strong June quarter, despite the COVID-19 pandemic. Revenue increased by 7 per cent year on year.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 60 per cent, compared to this time last year in the fourth quarter. However, it is still in the red, despite the result being Rent’s best on record.

On the market this afternoon, Rent is up 4 per cent and is trading for 5.2 cents per share at 1:31 pm AEST.

RNT by the numbers
More From The Market Herald

" Affordability and rental yields driving east coast investors to Perth

Momentum Wealth believes investors on Australia’s East Coast are flocking to the Perth property market because of its low prices, high rental returns,

" CBRE takes equity stake in prop-tech startup Pathzz

CBRE has announced a strategic equity investment in Pathzz, a Sydney-based prop-tech business.
The Agency Group Australia (ASX:AU1) - Managing Director, Paul Niardone

" The Agency Group Australia (ASX:AU1) awarded over $212,000 in court win against MCL 105

The Agency Group Australia (AU1), after being successful in the Federal Court in its defence in the case against MCL 105, has received

" Rent affordability deteriorated when JobSeeker phased out

There is currently no affordable rental housing in Australia for single retirees, pensioner couples, JobSeeker recipients, and single part-time working parents on benefits,