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Australia’s largest bank is dipping its toe into property management, changing into a cornerstone investor in a $25 million capital increase by proptech platform :Different.
Australia’s largest bank is dipping its toe into property management, changing into a cornerstone investor in a $25 million capital increase by proptech platform :Different.
The digital property management platform introduced it had raised $25 million this week, attracting the backing of the Commonwealth Bank’s start-up accelerating division x15ventures, in addition to international enterprise capital heavyweight Antler, because it embarks on a serious nationwide growth.
Under the deal, CBA and :Different can even kind a strategic partnership to supply property management providers to the bank’s 15 million prospects.
Founded in 2017 by former Silicon Valley executives Mina Radhakrishnan and Ruwin Perera, :Different aimed to disrupt the property management sector by digitising processes akin to upkeep requests and invoicing.
Ms Radhakrisnan mentioned they began the corporate as a result of they’d heard too many tales of property house owners and renters having a subpar expertise with property managers.
“Little communication and transparency into the important things that can make a real difference to the overall living and ownership experience,” she mentioned.
“We knew things had to change, and with people who care and powerful technology, we could create a better experience for our property owners, their properties and the people who live in them.”
:Different has doubled its crew prior to now 12 months and is on the market to property house owners throughout Australia’s japanese seaboard.
Under the CBA partnership, :Different providers can be made out there to prospects on the CommBank app, in an intention to assist buyers all through your complete shopping for and property possession journey.
CBA Group govt retail banking providers, Angus Sullivan, mentioned the partnership would differentiate the bank’s providing for buyers from its rivals’.
“Much like our recently announced investments in Amber and Little Birdie, this is an example of us carefully selecting a high-profile, high-growth tech enabled business and exclusively introducing them to CBA customers to offer an enhanced level of service,” Mr Sullivan mentioned.
“We see this partnership as an important part of our overall home buying strategy and one that will be core to the way we support our customers to manage their homes and grow their wealth.”
Co-founder Ruwen Perara mentioned having the ability to faucet into CBA’s 15 million-strong buyer base was a momentous alternative for the corporate.
“Finance and homes are inextricably linked,” Mr Perera mentioned.
“We are a trusted partner in the home and with CBA at our side, we will deliver value through reimagined products and services as the basis of a home platform, designed to service the needs of homes and the people who live in them.”
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