Property software provider Goodlord has raised £10m in funding to help ease the pain of administration and increasing compliance for letting agents and landlords.

The online platform – which automates the tenancy process, manages references and offers deposit replacement insurance – plans to invest more resources to develop its software and grow its range of products. This will include features to ensure customers stay compliant with new regulations such as anti-money laundering directives and the Renters’ Reform Bill. The proptech – which handles thousands of tenancies weekly, making it one of the largest players in the UK – also plans to grow its customer service team.

“Through our platform, agents and their landlords can maintain a viable commercial model at a time of massive industry flux, while also providing a vastly improved experience for tenants. This investment means we can continue to support our customers at increased rates of growth and offer a suite of products that keeps up with market and regulatory demand,” says Goodlord CEO, William Reeve.

Goodlord has recently launched new products to help agents and landlords stay compliant following the implementation of the Tenant Fee Ban. It has also expanded its service to cover corporate lets, brought in extended insurance provisions, introduced virtual banking technology for customers, and made improvements to Goodlord Switch – its utility switching technology.    This new funding has come from Finch Capital and Latitude Ventures, the Series B+ sister fund to European VC firm LocalGlobe, known for investments in Transferwise, Zoopla, Monzo, TravelPerk and SecretEscapes. Oxx is the other investor.

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