Rental property portal Rent.com.au is pushing ahead with the rollout of its RentPay product, launching a rights issue to raise funds for the ongoing development of the product.

RentPay, which was launched earlier this year, allows renters to schedule rent payments, build a payment buffer and access funding when needed to meet a shortfall. A SafetyNet facility included in the package allows renters to draw down a week’s rent on credit in an emergency.

Rent.com.au describes itself as Australia’s number one website dedicated to rental property. Its core offering is RenterResume, a portal that holds renter resumes and allows renters to apply for rental property without having to re-enter their details each time.

It also offers an ID verification service, RentCheck, and a utility connection service RentConnect.

In March, it announced that it had entered into a five-year agreement with SkyCredit (which trades as Fair Go Finance) to fund the product.

Now the company is raising A$2.9 million through a fully underwritten rights issue. 

The company said in a statement that RentPay onboarding is live and “the time is right for us to start accelerating growth. The funds raised via the rights issue will enable us to do this.”