Nurtur.group, the proptech investment and tech provider group has made its first significant proptech investment – the automated client accounting platform, LettsPay.
Nurtur.group is the relaunch of Epropservices, which incorporates Fine & Country and The Guild of Property Professionals. It’s Accelerator Programme has been the focus of huge interest from proptech applicants looking to launch their products and services with the group.
Garrett Foxon (right), Founder of LettsPay, said, “The partnership offers us access to a large network of property professionals, as well as the opportunity to increase our brand awareness with the sector. Working with the team of industry experts within Nurtur.group will help us to propel our business forward, while providing the network with a proptech product that will assist agents in the lettings sector.”
The rental collection platform will help landlords and letting agents save valuable time while ensuring they remain compliant with CMP and Anti-Money Laundering (AML) regulations.
Paul Offley, Compliance Officer at Nurtur.group, said, “I’m genuinely excited by our investment in LettsPay and the service it can provide to our Members who offer lettings in England, Wales, Northern Ireland and Scotland. This will really offer then an alternative banking solution, yet at the same time keep them fully in control of their client’s money.
“Through the portal each firm would have an automated designated client account for each of their landlords with the added bonus of no bank charges, no hassle from the bank and a fully automated system, which is backed by CMP and has a full reconciliation and audit trail, all under the name of the agent.”
Foxon adds that the platform uses the latest finance technology to create the separate accounts for landlords, with their own sort code and account number. “The tenant is notified automatically by the platform to pay their account. When payment is received, LettsPay auto allocates the funds, which means all the letting agent would need to do is create and approve the payout to the landlord.” The platform is also able to manage payments to contractors, deposit accounts and HMRC for NRL tax.
Iain McKenzie, CEO of The Guild of Property Professionals said, “Innovative technology such as the LettsPay will ensure the group is at the forefront of development, driving progression within the sector and providing agents with a wider array of proptech products that will save money, make money, and help them remain compliant.”