Property technology firm Goodlord, whose software is used by hundreds of letting agents across the UK, has raised more than £10m in a new share issue.

Goodlord plans to use the cash to invest more resources in developing its software and expand the range of products available to agents.

New features will include help to ensure customers stay compliant with new regulations such as anti-money laundering directives and the forthcoming Renters’ Reform Bill.

There will also be new revenue opportunities for agents, as well as extra features to streamline the rental process.

Goodlord’s software platform has seen a year of rapid growth, processing thousands of tenancies every month, and has introduced new products and updates to help agents and landlords stay compliant with the tenant fee ban.

The company has also expanded its service to cover corporate lets, brought in extended insurance provisions, introduced virtual banking technology for customers, and made improvements to Goodlord Switch – its utility-switching technology.

Goodlord CEO, William Reeve, said: “The last 12 months saw seismic change for UK letting agents and landlords; change which means saving time, reducing admin, and generating new revenue streams are now more crucial than ever.

“This investment means we can continue to support our customers at increased rates of growth and offer a suite of products that keeps up with market and regulatory demand.”

Investors in the new series-B funding round include Oxx, Finch Capital and Latitude Ventures, the sister fund to European VC firm LocalGlobe – known for investments in Transferwise, Zoopla, Monzo, TravelPerk and SecretEscapes.

Julian Rowe from Latitude Ventures, who is joining the Goodlord board, added: “By creating software that increases the professionalism of letting agents and reduces the stress of finding and securing a home to rent, Goodlord is supplying an essential service to meet a key need.

“With more people predicted to be renting than owning by 2039, we’re delighted to back Goodlord on its mission to create the best rental experience in the world.”