Flatio, the mid-term letting platform, has acquired digital nomad housing marketplace NomadX in a move worth £3.6m as part of its plans to expand in the UK.
The deal will see the Czech-based proptech company take on NomadX’s inventory of residential properties, staff and social platforms as the firm plans to accelerate growth in the UK.
Flatio, which turned over £4.5m last year, says that it plans to have at least 10,000 UK property listings on its inventory within the next three to five years.
Flatio CEO Radim Rezek said: “We noticed a lot of interest from the UK during the pandemic. It seems that a combination of uncertainty and more remote working opportunities is creating a boom in the mid-term rental sector.
“We only have 150 listings in the UK at the moment but plan to ramp this up significantly in the next three to five years as we believe the demand for affordable mid-term lets will continue to grow in the UK and globally post-pandemic.”
As part of the deal, all property listings, management and transactions will be centralized on Flatio’s technology platform after several weeks transition period.
Although the NomadX branded housing marketplace will continue to exist, it will be powered by Flatio and expand to all of Flatio’s markets.
Flatio added: “If we compare data three months before the pandemic hit to three months after, we’ve seen almost a 60% rise in visitors from the UK to our platform. This shows there is a real desire for one to six-month rental properties both in the UK and overseas.
“NomadX already has a significant database of digital nomads, including many from the UK, so we hope the move will accelerate growth and establish us as the number one medium-term letting platform in the world.”
Another portal that nobody wants. When will these people learn.
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Would you not be interested in a Rightmove challenger that resulted in a lower RM bill?I would… Its unlikely I know but where else is change going to come from if not challengers.
However there are so many around now that Im also getting confused….
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Not this one Mark. It acts as an agency and lets directly to tenants, mostly short term. No referencing for non-Czech citizens.
It’s the usual back bedroom rubbish that exists to take money from gullible investors. Similar models have failed in the U.K.
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********??!
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Well let’s hope it is pronounced ‘flat ee o’ and not ‘flay she o’ – which, if misheard, could lead to all sorts of misunderstandings.
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This is the one of the worst mistakes since the Chevy Nova.
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Just another “blowhard” !
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I would recommend an urgent change of name, to be honest.
I’m not sure how you’re supposed to pronounce it, but Flatty-o sounds childish, and Flay-sho – well, draw your own conclusions…
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This sucks…….
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I just had to check the date, thought it was 1st April!!
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We only have 150 listings in the UK ….. plans to have at least 10,000 UK property listings on its inventory within the next three to five years.
Lol.
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