Australia’s Limepay and Domain jointly launch a buy now, pay later venture

Australian enterprise payment fintech Limepay and property marketplace Domain have launched the joint venture MarketNow Payments that offers a buy now, pay later (BNPL) solution.

(From left) Limepay chief revenue officer and co-founder Dan Peters, Domain CEO and managing director Jason Pellegrino, and Limepay CEO and co-founder Tim Dwyer / Photo credit: MarketNow Payments

MarketNow is an online payment gateway that allows real estate agencies to collect upfront the total marketing costs from owners when selling their property. Meanwhile, vendors have the option to defer payment of up to US$25,000 to a later date.

“In the case of payments, an issue we recognized was that sellers often have a limited marketing budget, but still rely heavily on widespread exposure for their listing in order to maximize the chance of a successful sale,” said Jason Pellegrino, managing director and CEO of Domain.

The joint venture will allow sellers to better manage their cash flow and optimize their marketing budget.

The solution is currently being rolled out to more than 40 agencies across the eastern seaboard of Australia as part of its first phase, and will then expand across the country in early 2021.

See also: Why the time is ripe for ‘buy now, pay later’ in Asia

As an online classifieds portal, Domain is evolving into a property marketplace. The move is part of the company’s strategy to offer a marketplace of property services that offer not just property listings but also insurance, home loans, and now, payments.

Meanwhile, Limepay just raised US$15.4 million in the first phase of its pre-IPO funding from institutional investors in December 2020.