Following an investment from Blackstone, Redpin has announced the launch of a payments service for the global property market. Redpin is the owner of global digital international payment services to private clients and SMEs Currencies Direct and TorFX.
Redpin says it aims to provide embedded services, including payments for the $4.5 trillion residential property market.
Previously, Blackstone committed £140 million from its Tactical Opportunities group.
Redpin has selected Arnaud Loiseau as CEO. Loisea was previously at WorldRemit and King (Candy Crush). The new strategy includes possible mergers and acquisitions for the firm.
Loiseau said the residential property sector is currently the most “frighteningly complex and fragmented ecosystem in the world.”
“Change is long overdue, and Redpin plans to connect the dots for consumers and businesses across the ecosystem – from legal service firms, title companies and estate agents to property managers – by providing a seamless SAAS* and international payment experience.”
He said he is looking forward to scaling the business in a sector that is ripe for disruption.
Qasim Abbas, Senior Managing Director at Blackstone, described the announcement as the next chapter for Redpin as it transforms international payments for the residential property market.
The new strategy is expected to include scaling with the backing of established consumer brands. Redpin currently serves customers in 235 countries and territories totaling $12.6 billion during the last year.
Redpin expects to scale its offering beyond its existing international payment service to include legal service firms, title companies, property managers, escrow, and estate agents.