Baselane, an end-to-end financial platform for property owners and investors, announced on Tuesday March 15 that it is expanding its services to offer fully integrated banking services tailored to the specific needs of clients’ properties.
Launched in association with Blue Ridge Bank NA, owners can now open and manage multiple bank accounts and simplify the financial management of their investment properties. Custom accounts can be created for the owner’s specific needs, and an account’s accounting transactions can be automatically associated with a particular property or unit.
“For too long, owners have been forced to cobble together disparate financial solutions and track their finances in manual spreadsheets,” Mathias Korderco-founder and CEO of Baselane, said in the statement.
“With the launch of our integrated banking platform, users not only save time and money using a seamlessly integrated end-to-end solution, but they also become clear insight into their property’s finances to make better business decisions, maximizing return on investment their investments,” Korder continued.
The new platform also offers smart debit cards to make it easier for owners to control and manage spending. Both physical and virtual cards have built-in controls, and transactions can also be automatically associated with a spend category.
According to the press release, the Baselane bank is free and no minimum deposit is required. High returns are offered on all deposits and there is unlimited 1% cashback on all Baselane debit card purchases. Other benefits include automated rental collection directly from any bank account and analytics to measure cash flow, expenses and property performance.
Founded in 2020, Baselane aims to streamline and automate rental management finance and increase the return on real estate investments. In November 2021, the startup closed a nearly $8 million seed round backed by Activant Capital, Collaborative Fund, Conversion Capital, Diagram Ventures, and Thomvest Ventures.
According to the release, Baselane plans to launch an artificial intelligence (AI)-powered mortgage and insurance marketplace, enhanced financial and tax reporting, tenant management tools and more.
See also: Why paper checks persist in property management