Safe in their knowledge... PayProp celebrates its 20th anniversary

To commemorate PayProp’s 20^th year in business, Estate Agent Today’s Lee Dahill took a walk down memory lane with Neil Cobbold, UK managing director of the automated rental payment and client accounting specialists.

From the company’s origins in South Africa and its philanthropic roots in GivenGain, right up to its setup in the UK in 2015, Lee explores the culture and values of the organisation, while Neil explains the business philosophy that has seen it grow to being one of the most successful PropTech firms in the country, together with new partner Reapit.

Over the course of two decades, the property industry has witnessed massive change and PayProp has grown and adapted to address those changes at the forefront of payment innovation.

“For our whole society, our need is to demand things instantaneously – our level of patience has gone down to zero… and so PayProp has had to keep changing. We’ve gone from doing one payment per day to multiple payments throughout the day and being able to deal with that communication far quicker, because that is the need of our clients,” says Cobbold.

“Cyber security is on the rise like never before and, unfortunately, the property sector is a big target. We[in the real estate sector] are appetising to criminals because of the level of transactions and the amount of money we actually deal with.

“Because of that we’ve had to step up what we do for customers to keep their money secure. And I don’t see that changing with the advent of AI – one of the first groups of people using it will be the criminal element because they latch on to new technology and use it to their benefit. We’ve got to stay ahead of the game.”

For more insights into two decades of growth and innovation, watch the full interview here.