E-conveyancing business PEXA has reached 250,000 property transactions a month, doubling its volume over the past couple of years, and is now looking to develop new offerings related to property transactions.

Ultimately, the company hopes to operate in overseas markets.

Link Administration Holdings, which owns 44 per cent of PEXA, gave investors an update on the business yesterday, outlining plans to offer title searches, verification of identity, secure communications between parties to a transaction and mobile applications.

PEXA’s other shareholders are Morgan Stanley Infrastructure Fund, which holds 40 per cent, and Commonwealth Bank (16 per cent).

In the 2019/20 financial year PEXA earned revenue of A$155 million, compared with $109 million in the previous year, and reported EBITDA of $58 million ($7 million in 2018/19). The 2018/19 year was its first year it reported EBITDA.

Volume and earnings growth has come from stronger take-up of the service in states that have been slower to adopt it, particularly South Australia and Queensland.

It has facilitated a total of $1 trillion of settlements since it went live in 2013. With its heavy investment spend of more than $400 million over the past five years, expenses per transaction were high at $380 per transaction in 2015/16.

However, with rising volume expenses per transaction came down to $48 in 2019/20.