Rent is one of the largest recurring payments in the UK. However, most tenants still rely on traditional bank transfers to pay it. This process has changed little despite the rapid growth of digital payments.
Payr, a UK-based fintech startup, is attempting to address this gap. The company has raised $2.1 million in seed funding to introduce credit card-based rent payments to the country’s large residential rental market.
The funding round was led by Ingenii Capital. Other participants include Haatch, Velocity Capital, the British Business Bank, and several strategic angel investors.
Payr plans to use the capital to strengthen its product infrastructure. In addition, the company will expand integrations and build more distribution partnerships across the residential property ecosystem.
Arthur Greenwood, CEO and Co-Founder of Payr, said,
“Consumers can pay almost everything by card except the one expense that matters most. We’ve rebuilt the payment architecture so tenants gain flexibility and rewards, while landlords simply receive their rent as normal. No new systems, no operational friction.”
The company focuses on a payment gap that is both behavioural and structural. Many tenants now expect flexibility and rewards in their financial transactions. Card payments, loyalty programs, and international usability have become standard in other spending categories.
Despite this shift, rent payments have remained largely unchanged. Property managers and landlords often hesitate to adopt new payment tools. Card processing fees and regulatory requirements can complicate adoption.
Payr’s platform attempts to solve this challenge. It allows tenants to pay rent using credit cards. At the same time, landlords continue to receive payments through the usual settlement process.
As a result, tenants gain flexibility while property professionals avoid operational disruption.
—----------------------
Raising capital? Explore 3,000+ PropTech and ConTech VCs in one place →https://www.proptechbuzz.com/vc
If you are a proptech company and want to promote your products for free, go to proptechbuzz.com and submit your products. For investors or proptech buyers, sign up on our platform to stay informed about exciting updates and trends in the Proptech Ecosystem.
Explore more Proptech news at proptechbuzz.com/news, for news tips and promotions, reach out to marketing@proptechbuzz.com.