The London-based startup has successfully concluded a proof of concept with European property financier ING and has entered the procurement phase.
ING is one of the largest real estate lenders in Europe, with a strong global footprint. Proda’s software solution is powered by machine-learning technology and automatically captures, standardises, and analyses rent roll data to solve core data issues in the institutional real estate market.
The proofing stage included ING piloting Proda’s software solution for four weeks across three countries: the Netherlands, France and the UK. Its success means that Proda will now be rolled out across the wider infrastructure of ING, following completion of the procurement phase.
As leaders in innovation in the real estate industry, ING plan to deploy Proda across its real estate finance teams to automate and standardise rent roll data management and analysis. The implementation should lead to more accurate and faster data-led decisions on future deals across the entire organisation, while realising significant efficiencies in processing time.
Mike Shields, EMEA head of real estate at ING, said: “As ING Real Estate we are keen on exploring and validating innovations in the real estate domain. Proda’s initiative stood out and we decided to pilot their tool with the help and support of some of our most valued global clients, who agreed to share their rent roll data for piloting purposes. The automated, digitised and standardised data output as provided by the Proda tool, significantly sped up the processing of client data. We look forward to continuing and furthering our relationship with Proda and improving the experience customers have when doing business with ING.”
Peter Bredthauer, co-founder and CEO of Proda, said: “We are very excited for this significant step in Proda’s journey with ING, who are leaders in the real estate finance market. Automation within real estate finance has always been slow-moving. However, ING’s relationship with Proda over the last few months showcases the leaps and bounds with which the industry is progressing, and we are excited to be part of that journey.”
He added: “Proda was set up to tackle the challenges that we have been able to solve for ING, so we are looking forward to continue working with them to automate and streamline their processes.“