Law firm Osborne Clarke, which has offices in Reading, has advised a leading processor of rental payments for the property management industry on significant investment.
The growth investment for PayProp comes from a consortium of current and new investors, including Rational Expectations, Betterhome, Accel-KKR, founders and management.
It will support PayProp's expansion plans in new and existing markets, with a focus on product innovation.
The PayProp platform allows true end-to-end automation of rental payment receipts, reconciliation and distribution, within a trusted, real-time, secure in-bank trust/client account environment, enabling total accounting accuracy and speedy settlement.
PayProp has been recognized for eliminating back-office inefficiencies, lowering administrative costs, automating collections and distributions, all while maintaining tight cloud security and exceptional services to property managers, tenants and owners.
PayProp serves a large group of letting agents and rental property managers across the United Kingdom, South Africa, Canada and the United States.
The Osborne Clarke team that advised PayProp on the transaction was led by Corporate Partner Edward Persse, assisted by Associate Directors Kate Mellor and Andrew Carter, Senior Associate Stuart Miller and Associate Ben Parker.
The management were advised by Partner Mike Freer and Associate Director Leanne Wright.
Edward Persse said: "We are proud to have supported PayProp on this significant milestone and wish all stakeholders every success in the future.
"This marks another significant international PropTech mandate for Osborne Clarke, in a sector which is a strategic priority for the firm."
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Picture: Corporate Partner Edward Persse, who led the Osborne Clarke team that advised PayProp
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