- Led by Elephant, the funds will fuel innovation for self-managed HOAs, including an all-new Payables module
May 15, 2024
By Highpoint Digest News
Lexington, KY – (Highpoint Digest) – PayHOA, an all-in-one homeowner’s association (HOA) management software, announced today that it completed a $27.5 million Series A financing round, led by venture capital firm, Elephant. Additionally, PayHOA unveiled its new Payables module today, which expands the platform’s capabilities and streamlines financial management for self-managed HOAs and property managers.
Founded in 2018 in Lexington, Kentucky, PayHOA is trusted by more than 622,000 homeowners across the United States and Puerto Rico. With as many as 40% of U.S. community associations, comprised of 2.5 million volunteer board members, electing to self-manage rather than hire an outside management company, there is a growing need for accessible and user-friendly operational tools (Foundation for Community Association Research). The PayHOA platform provides a central hub for association board members to handle finances, maintenance requests, and communication with their communities. For self-managed communities, PayHOA offers an all-in-one management solution for roughly the same price as off-the-shelf software with a fraction of the features.
Series A funding will bring new product features and services, support operational growth
The Series A funding round is the company’s first outside investment. This investment will accelerate PayHOA’s mission of creating a unified platform for self-managed homeowner associations to consolidate accounting, payments, communication, and association management processes. The company also plans to bolster existing features and add new functionalities like amenity scheduling and voting. To achieve this, PayHOA will expand the team by up to 40% within the next year, with a focus on product development, sales, and marketing.
“Leading a self-managed HOA, whether as a volunteer or board member, is a demanding and often underappreciated role. These volunteers contribute over 100 million hours of service annually to their communities,” said Mike Bollinger, founder and CEO of PayHOA. “Our mission at PayHOA is to eliminate the need for the jumble of disconnected tools used for tasks like accounting, documents, violations, and homeowners’ requests. With our user-friendly, all-in-one platform, HOAs gain a central hub to connect directly with residents, fostering happier and more efficient communities.”
“Many HOAs manage their communities themselves, and for too long, their needs haven’t been fully addressed,” said Peter Fallon at Elephant. “PayHOA recognizes this gap and provides a comprehensive platform designed specifically for self-managed HOAs. This empowers them to access powerful tools typically reserved for larger communities, all at an affordable price. At Elephant, we’re proud to support this vital segment of the market.”
New Payables Module streamlines the payment process, saves time
PayHOA also announced the launch of its Payables module today. The new platform feature leverages Optical Character Recognition (OCR) technology to automatically scan and extract data from invoices, ensuring efficient and transparent financial management.
Homeowners can enjoy the convenience of automatic payments, eliminating the risk of late fees and saving valuable time. Association members, meanwhile, can receive notifications for invoice approvals, which are automatically applied to the ledger upon completion. This eliminates the tedious manual work of entering invoice details, payment dates, and amounts, ensuring a smoother and more efficient financial management experience for everyone.
“Parkwood Commons HOA has seen significant monthly savings since switching to PayHOA,” said Diana Y., the association’s Secretary and PayHOA customer. “But the benefits go beyond just cost savings. PayHOA has streamlined our entire process. With its wide range of features, managing our finances and neighborhood has become quick, easy, and user-friendly.”
Source: PayHOA
