Rent.com.au launches its RentPay product; targeting 200,000 users by mid-2023

That ASX stock which caters to renters and is backed by Bevan Slattery – Rent.com.au (ASX:RNT) – formally launched its long awaited RentPay product this morning.

The company’s flagship product, RentBond, helps tenants with bond financing. But RentPay is a platform and app that simplifies the rent payment process.

It can be used by a tenant without any impact to their rent and landlord, and move with the renter to their next property.

RentPay has been launched in both the Apple and Google stores.

200k customers by mid-2023, maybe?

RaaS analyst Finola Burke, who covers the stock, told Stockhead a fortnight ago that this anticipated product significantly upped the ante for the company.

“That gives them the opportunity to extend the relationship to the whole rental period and rather than just the 4-6 weeks they’re currently working with – more likely to be aligning with a 12 month period – and gives them the opportunity to offer other services,” she said.

Rent.com.au CEO Greg Barder made no secret of being highly ambitious.

“Our internal target is to achieve 200,000 paying RentPay customers by 30 June 2023, which equate to just under 10 per cent market share. That is aggressive but we believe we can achieve that,” he declared this morning.

“We believe we’ve developed the right solution whereby renters receive flexibility, support and improved financial wellbeing while agents and landlords receive their rent quickly and reliably.”

Shares rose by as much as 12 per cent this morning and the stock is more than four times higher than at the start of 2021 – buoyed by Bevan Slattery’s $2 million investment back in February.

“I love disruptive platforms that have the ability to scale and Rent.com.au has great potential to achieve that goal,” Slattery declared about the ASX stock at the time.