- Convini is a Melbourne-based real estate cashflow lender
- The company offers various products such as Adfund, PropPay and DepositPay
- BC Invest is a multi-disciplined investment group
A major tech trend of the past few years has been convenience payment systems, such as the booming ‘buy now pay later’ (BNPL) market with leading players such as AfterPay and Zip.
The real estate industry has not been immune from this trend, with various offerings making their way into the Australian marketplace.
Convini is a Melbourne-based real estate cashflow lender that has integrated with various property systems with the aim of making funding easier.
Whether it is an owner looking to access an early deposit, or landlords wanting to improve their property, the company offers various products such as Adfund, PropPay and DepositPay.
Convini charges a flat 6% fee on some of the first two named products, and $750 or 3% whichever is greater on DepositPay.
With offices near Hampton Beach about half an hour’s drive south of Melbourne CBD, the company is made up of self-described real estate industry and financial services “veterans, technologists and entrepreneurs”.
According to their website, they had met up at nearby yacht club and imagined a new way to finance some property transactions. Last month, the company announced a tie up with OurProperty, to launch a the PropPay product.
After a landlord completes an application in the automated OurProperty environment, as soon the funding is approved, the money is available to pay out trades and suppliers. It’s a buy now pay later option for investment property owners.
“Our Barry Plant property managers can reassure the owners of rental properties that need improvements that there is a good, easily accessed funding alternative for them if required,” said Barry Plant’s Head of Strategic Growth, Nigel O’Neil.
BondPay, a simple digital BNPL product that enables tenants to pay rental bonds later, will be released soon.
The latest partnership has been announced today, with BC Invest, which will provide Convini capital and access to lending infrastructure to support expansion plans.
“Convini has a clear vision of how our cashflow lending products will assist all participants in the real estate industry, be they franchisees, agents, vendors, buyers, landlords or tenants, in realising their property related goals,” said Convini co-founder and CEO Cameron Owens.
“We have a unique partnership approach and have already reached agreement with some of Australia’s leading agent groups. We are also well advanced with plans to integrate our business with the leading proptechs to create a seamless customer experience.
“We are excited to have BC Invest embrace and support our vision for this space and provide us with the certainty of capital to grow our platform to a significant size”, said Mr Owens.
BC Invest is a multi-disciplined investment group providing regulated finance, asset management and other financial services through both the direct and the intermediary markets across South East Asia, New Zealand, the United Kingdom and Australia.