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How Avy is simplifying rental payments

4 min read|Published December 01, 2020
How Avy is simplifying rental payments

Swedish company Avy offers a digital platform and app that’s helping the residential real estate market solve several inefficiencies. Find out how they’re upgrading the renting experience for property owners and tenants – and how Tink is helping improve one of the cornerstones of their product.

TL;DR – Quick summary
  • Swedish startup Avy offers a digital platform and app that makes it possible for landlords and tenants to connect in an entirely new way.

  • They’re upgrading the renting experience for tenants, and helping property owners solve several inefficiencies.

  • Providing a good payment experience was crucial for Avy – and they’re using Tink’s payment initiation as one of the ways to offer a safe and simple solution.

TL;DR – Quick summary
  • Swedish startup Avy offers a digital platform and app that makes it possible for landlords and tenants to connect in an entirely new way.

  • They’re upgrading the renting experience for tenants, and helping property owners solve several inefficiencies.

  • Providing a good payment experience was crucial for Avy – and they’re using Tink’s payment initiation as one of the ways to offer a safe and simple solution.

Property management isn’t exactly a breeze – and historical, ineffective ways of working (that are still widely used in the sector) are resulting in outdated customer experiences and relentless administrative work that just don’t make any more sense in this digital age.

That’s where Avy comes in. To solve this problem, they built a digital platform and app to improve the customer journey for tenants as well as internal efficiency and bottom line results for property managers. In an industry that’s obsessed with real estate, Avy sees real people – people that don’t need added stress or bureaucracy in their lives.

Rental management made easy

The Avy app makes it possible for landlords and tenants to connect in an entirely new way, making it simple for people to manage their households from their mobile. Through the app, tenants can request services, report issues, ask questions and track things like electricity consumption.

On the other side, landlords can communicate important information, manage subscriptions like home insurance, get notified if anything needs fixing – and well as get insights to better understand their customers and the market.

And then there’s the payment solution – which gives tenants flexible options, like paying in installments, or making adjustments to account for fluctuations in income. Avy ensures a smooth payment experience, while also removing one of the biggest headaches for landlords.

As a cornerstone of their product, getting the payments part right was crucial to Avy. And that’s where Tink comes in.

Payments as a cornerstone

As the largest monthly expense for many people, rent can be a touchy thing – and therefore needs to be handled with care. For Avy, it was crucial to ensure a secure and smooth process that made customers feel well taken care of.

Tenants receive all their rental invoices through the Avy app and can pay it directly with a few clicks. Through Tink’s payment initiation, users can make a payment order by connecting directly to their bank accounts. Payment then becomes a matter of authenticating and confirming – which makes it safe, and simple.

Avy’s CTO, Igor Kova, shared that ‘time to market is a very important factor for Avy. After having evaluated different options we chose Tink because of their agility and speed. With the Tink Link solution we have been able to “plug-n-play” Tink into our existing payment processing service and could quickly offer an updated and industry-leading user experience to customers. Tink removed all the heavy-lifting when it came to becoming part of the open banking ecosystem in a scalable and secure way.’

Customer focus leading to results

Avy is already seeing the results of focusing on real people and good digital experiences. In an industry that typically sees engagement averaging at 20-30%, Avy’s engagement rate is at a whopping 85%. After integrating with Tink in 3 months, Avy is also seeing 60% of users paying their rent through the app every month.

But of course, their work isn’t done. Avy is always on the lookout for cutting-edge technology, and ways to improve their product. For now, Avy is only available in Sweden – but they are setting their sights abroad, and hoping to replicate their success in bridging real estate with real people in more markets.

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