Kenyan startup Rent Hero has launched its online rental payment application, which offers users a secure way of paying their rent via a number of different methods.
Launched in January, Rent Hero allows tenants to pay their rent online via mobile money services, PayPal, credit card and more, while landlords are able to keep track of payments, view payment history, generate bulk rent invoices, and send SMS reminders.
The startup says it is providing a centralised e-wallet that aggregates all landlords’ funds from different sources in one place, making it transparent and easy to manage. Tenants are also spared the trials of paying their rent manually or at the bank.
“A major cause of friction between tenants and landlords is the late payment of rent. The lack of a proper mechanism to collect, manage and monitor rent collections contributes to the nightmare many landlords face,” Rent Hero founder Ronald Ngoda told Disrupt Africa.
“There is a lot of paperwork that goes with being a landlord or property manager or agent. Left unchecked, the paperwork can build up and become quite a burden. Rent Hero lifts that burden from landlords or property managers.”
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Rent Hero has no setup fees but charges five per cent commission on every payment made through its platform. It is currently operating in the major towns and cities of Kenya and hopes to expand to Ghana within the next year.
“At the moment we are actively looking for funding,” said Agoda. “We have been using our own funds to run the business so far, and our progress has been great. We have been operational for four months now and currently has more than 10 clients using our platform to manage and collect rent, with hundreds of rent transactions per month.”