PayProp, the industry-leading online payment platform for property managers, reports rapid growth and an accelerated global expansion programme in the form of new operations in Toronto, Canada. The PayProp success story
PayProp is part of the Humanstate Group, a private technology services group. The PayProp platform is operated under licence from Humanstate by in-country subsidiaries of PayProp
Holdings in the UK, South Africa and Canada. Since then it has grown quickly to become South Africa's leading payment processor in the private lettings industry. Today the South African business processes more than 350,000 transactions per month in respect of 82,000 properties. Earned its spurs in the UK
After less than two years in the UK, PayProp has processed more than 250,000 transactions (tenant payments to lettings agencies) relating to almost 15,000 properties. Since 2015, PayProp, which is recognised as an industry supplier by Propertymark in the UK, has grown from 1 to 25 sales and support staff. It services 200 UK agencies and has averaged 8% month-on-month growth in client numbers over the last six months. New kid on the block in Canada
Due to its rapid success in the UK, PayProp has brought forward plans to set up operations in the property hotbed of Toronto, Canada, says Riaan Basson, CEO of Humanstate. The new business was officially established in June 2017, and Mislav Majic was appointed as its President shortly thereafter. Majic says he is excited to keep the momentum and capitalise on the enormous opportunity PayProp sees in the Canadian market. He reports that the company has secured a banking partner to enable seamless receipt and reconciliation of rent as well as swift pay-outs to bulk beneficiaries including landlords (e.g. rent), contractors (repairs), local authorities (rates), utilities (electricity) and property managers (commissions). A world without barriers
Johannes van Eeden, the executive chairman of Humanstate, says PayProp is essentially a commercial adaptation of the payment automation technology used to build GivenGain, an online fundraising platform started in 2001 under the Humanstate banner by himself and his brother, Jaco. He says all three companies envisage a world in which technology can help people and organisations overcome barriers. “For GivenGain, it means giving individuals and charities the crowdfunding tools to overcome the barriers between us, anywhere in the world. For PayProp, it means using integration and automation to overcome fragmented, siloed payment processes all over the world.”
Looking ahead
On its current upwardly mobile curve, things are looking great for the payment processor that started 13 years ago and today processes $50 million per month globally. Van Eeden says many territories offer exciting opportunities for PayProp, and it is eyeing further expansion by entering more countries, forging mutually beneficial partnerships and investing in more disruptive platform innovation. About PayProp
PayProp is an automated transactional platform for the property management industry that is both easier to use and more powerful than existing solutions offered by banks and traditional software vendors. The company launched in South Africa in 2004, quickly growing to become one of the country's largest processors of rental payments for the property management industry. In the United Kingdom, PayProp is recognised as an industry supplier by Propertymark, setting the standard for speed and accuracy of payments, cost and payment status transparency, complete transactional control, and regulatory compliance. Most recently, PayProp set up operations in Toronto, Canada to address the burgeoning rental payments opportunity there. PayProp is part of the Humanstate Group, an international company with subsidiaries in the UK, Switzerland and South Africa.
