13/01/2022 - 14:49

Placement pays for Rent.com.au

13/01/2022 - 14:49

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Perth-based rentals site rent.com.au has looked towards institutional investors to raise $2.5 million to lift the profile of its portable payments and planning app, RentPay.

Placement pays for Rent.com.au
Greg Bader says his business is changing the rental industry. Photo: Gabriel Oliveira

Perth-based rentals site rent.com.au has looked towards institutional investors to raise $2.5 million to lift the profile of its portable payments and planning app, RentPay.

Its dedicated rental website is considered the leading of its kind in the country, which it says is changing the way that renting works in Australia.

The company initially sought $2 million after offering some 41.6 million shares at 6 cents apiece to potential backers, but ended up closing oversubscribed.

Shares were discounted at 1.6 per cent on its last trading price.

Proceeds from the raise will go towards marketing RentPay, a service that allows renter to plan their rent payments, as well as establish their credit score through the Scorebuilder functionality.

A portion will also go to its core rent.com.au business.

Speaking to Business News earlier this month, chief executive Greg Bader said the business was working to change stigma around renting.

“We see a world where your time spent renting actually is easy and means something in terms of your long-term position,” Mr Bader said.

“Basically, we want to kill the notion that ‘rent money is dead money.’”

He estimated some 700,000 people expressed inbound interest each month, whether that be looking for properties or general rental advice.

In a statement today, the CEO said it was fantastic to receive support from its larger shareholders.

“The funds raised via the placement support our mission of making renting rewarding.”

The Perth business has 25 staff on its books.

Shares in the company closed the day up 25 per cent to trade at 7.5 cents.

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