Lettings platform Teclet now has 25 third-party suppliers integrated into its platform with plans to add a further 50 in the pipeline, it has revealed.
The company, which this week added client accounting solution LettsPay to its platform, has been part of the growing family of tech firms connected to, or that are part of, OnTheMarket.
In February 2020 OTM bought 20% of Glanty Ltd, the holding company that owns Teclet, for £900,000 and then 15 months later exercised an option to buy the rest of the company for £2.9 million. With later earn-out clauses, that brought the total deal value to £12 million.
Teclet has been adding industry third-party suppliers to its platform since then, and this latest integration with LettsPay means agents using Teclet can solve their client accounting needs and manage rent arrears.
This includes issues being raised by banks about undesignated client accounts.
Garrett Foxon (pictured), Managing Director of LettsPay said: “This provides a huge, cost-effective, benefit for letting agents, property managers and accounts teams as well as providing landlords and tenants with quicker, safer and more transparent processing.”
Alan Blockley, CEO at Teclet (main image) says: “The benefits from using teclet and LettsPay will be clear to anyone currently processing rents and payments
either manually or via software that does not have the integration benefits we have created.
“The processing is also completely compliant with current regulations and provides individual client account wallets which many agents are finding that their banks are requiring and will, in the near future, be a mandatory requirement on everyone.”