nurtur.group has completed its first investment through its accelerator programme, which launched at the end of January.
The team heading the accelerator programme has selected and closed their first deal with LettsPay, an automated client accounting engine that aims to make reconciling tenant rental payments and remaining compliant far easier.
Garrett Foxon, 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.”
Since April 2019, any lettings or management business that handles clients’ money must be part of the Client Money Protection (CMP) Scheme in order to trade. The rental collection platform aims to help landlords and letting agents save time while ensuring they remain compliant with CMP and Anti-Money Laundering (AML) regulations.
Paul Offley, compliance officer at nurtur.group, commented: “This [investment in] LettsPay will really offer then an alternative banking solution, yet at the same time keep them fully in control of their client’s money.
“All too often I come across cases where banks are writing to an increasing number of members with a warning that they wish to close undesignated client accounts, and for an agent with over three hundred landlords the logistics of having to operate 300 individual designated accounts, or change banks, is quite daunting. Working with LettsPay takes away the issue completely.
“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.”
Investment from nurtur.group into proptech products like LettsPay will be hugely beneficial to both the innovators creating the products as well as the network of agents within the group, according to Iain McKenzie, CEO of The Guild of Property Professionals, which is part of nurtur.group.
He remarked: “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.
“As a group we are continuously thinking ahead to make sure that we are delivering tech to support our Members and help them overcome challenges.
“nurtur.group will continue to work with more applicants through the Accelerator Programme to propel innovations through investment and develop new and exciting technology for property businesses within the network.”