Australia's online property settlement platform PEXA is continuing its expansion plans into the UK market, unveiling multiple collaborations with origination software companies and law firms.
PEXA is hoping to use these collaborations to digitise the remortgaging and property buying and selling process in the UK.
Its international expansion was driven by high market penetration in Australia, leading it to look to other markets to replicate its model and drive growth.
It will work with Iress, nCino, Sopra Banking Software and Ohpen to "to deepen its tech proposition and compatibility with UK lenders and brokers" and to "reduce friction points for all involved in the conveyancing experience."
"Embracing a digitised remortgaging process will reduce the time, risk and costs involved, for consumers, lenders and firms alike," PEXA's UK chief James Bawa said in a statement.
"This couldn’t come at a more critical time, so we are pleased to have found such progressive technology collaborators who are as eager as PEXA to usher in a new era of efficiency."
In additon,PEXA also enlisted three law firms - PLS Solicitors, The Partnership, and Dutton Gregory Solicitors - who will be onboarded to its platform, enabling them to work with connected lenders.
The new relationships come after PEXA’s acquisition of UK national conveyancing firm Optima Legal in September, which was seen as another enabling step in its UK expansion.
Further lenders and law firms in the UK are planned to be onboarded throughout 2023.
The company said it has already introduced its digital remortgage platform in the UK late last year, through Hinckley & Rugby Building Society, conveyancing firm Muve and Shawbrook Bank.
PEXA Pay, a property transaction service, was also launched by the business in partnership with ThoughtWorks, with the Bank of England acting as the settlement service provider.
“We’ve invested a great deal into transforming the UK property market and improving the remortgage process," Bawa said.
“As we build to reach a critical mass in the remortgage market, we want to bring the same benefits to sale and purchase, to deliver on the potential digital payment and conveyancing can make to the broader property market.”
