Rentals company plans major UK expansion after acquiring NomadX
Letting platform Flatio has acquired digital nomad housing marketplace NomadX in a move worth £3.6m.
The deal will see the Czech-based proptech company take on NomadX’s inventory of apartments, staff and social platform.
Flatio, which turned over £4.5m last year, plans to have at least 10,000 UK property listings on its inventory in the next 3-5 years.
Radim Rezek, chief executive of Flatio, 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.
Flatio currently has 9,000 listings across 17 countries and 60 cities, while NomadX has 1,700 in Portugal alone.