ASX-listed PropTech Group is plotting a real estate joint venture with fintechs for BNPL options
ASX-listed PropTech Group (ASX: PTG) has enlisted the support of fintech startups to build a buy now pay later (BNPL) real estate play.
The joint venture project, called PropPay, is a payments platform that will allow real estate agents and third-party platforms to offer payments and solutions to their customers for property-related services in Australia and New Zealand
The deal with SME-focused payments fintech FlipPay, Hong Kong-based financial services company BC Investment Group Australia and cashflow financing fintech Convini.
Under a non-binding agreement for the project PropTech Group will have a 20% stake in PropPay, with the right to earn in additional equity based on its ongoing revenue contribution performance. PTG, FlipPay and BC will have the right to appoint one director to the PropPay board.
The JV will provide the real estate industry in Australia and New Zealand with card and online payments via an API, including BNPL options.
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Source: ASX-listed PropTech Group is plotting a real estate joint venture with fintechs for BNPL options – Startup Daily