‘Engine of client accounting’ platform reveals ambitious plans to grow

Lettspay, the banking and client account platform, is only four years old but founder and chief executive Garret Foxon tells The Neg that in the next four years he hopes to have established the business like no other.

Hanley Payments, the company behind Lettspay, was founded in September 2018 by Foxon with the intention of automating client accounting within a secure and compliant operating framework.

MESSAGEPAY

An official launch followed with a raft of features including MessagePay (a tool which sends automatic reminder to tenants to pay their rent), a direct debit solution to collect rents and an e-money account to collect and process payments for agents.

With FCA registration along with an e-money licence by Autumn 2020, Lettspay was processing its first million-pound rent roll.

By Summer 2021 the firm was operating in Scotland and since then has over 100 clients using the system.

We’re the engine of client accounting and that’s a necessary evil for agents.”

Foxon told The Neg: “We hit the 100 client mark in April 2021 and by the same time this year we received a significant six figure funding investment from Nurtur Group. That’s made a big difference and gave us the resources to expand, hiring two business development managers a well as an extra customer success manager that has allowed us to push for growth faster than we would have done.

“Of course, as well as bringing an extra level of investment Nurtur Group’s Gary Barker became a non-executive director.

“That was only six months ago and since then we’ve grown 200%, with property on the system growing roughly 20% month on month.

“Now we want to be the go-to supplier for client accounting. We’re the engine of client accounting and that’s a necessary evil for agents. We’re very API driven and push integrations into as many platforms as possible. We’ve taken what used to be 14 to 15-step process for agents int a three-step process.”

PRICING

All funds held by Lettspay are underwritten by The Bank of England with its biggest account processing some 3,500 properties per month. But pricing is available to all starting at £3.50 per property scaling down based on volume to £2.

Foxon adds: “We work with start-ups, right up to large national franchise agencies. Compared to our competitors we’re significantly cheaper.

“Our journey so far has been rapid and throughout there has been a huge amount of system improvements and sales growth that has clearly demonstrated that our product is both needed and delivering on its stated objectives.

“It is remarkable that, in just four years, we have achieved as much as we have and our investment in innovation, technology and customer service support continues, as does our commitment to automation and ensuring a secure, compliant and robust platform for our end user agents, landlords and tenants.”