Manama: Bahrain FinTech Bay (“BFB”) and the Fintech Consortium (“FTC”) have announced today a strategic partnership with OffrBox, a New York City based Fintech startup that has developed an end-to-end real estate transaction platform where you can buy and sell residential properties online. OffrBox was featured as one of New York City’s Top 50 Startups to Watch in 2017.
OffrBox has created an online market where participants looking to buy or sell residential real estate can list, search and review properties on the OffrBox online platform. The unique value proposition to customers is that once a property has been identified, participants can review detailed property documentation, negotiate the purchase price, and then complete their contract process and deal closing via the platform. OffrBox reduces wasted time and frustration by creating a seamless transaction flow from initial offer to the actual purchase closing.
OffrBox is excited to bring these capabilities to Bahrain and contribute its knowledge and technology towards the development of the country’s fintech ecosystem. OffrBox is currently expanding the platform to integrate real estate financing and blockchain for title registration. These added modules will enable buyers and sellers to experience a streamlined real estate transaction process with automated clearing and settlement of loan funding for purchases and digitized title transfer and registration at closing.
Maissan Al Maskati, Chairman of Fintech Consortium, said: “We are delighted to bring OffrBox to Bahrain Fintech Bay. Real estate is an important sector in the Kingdom and wider GCC region, and we believe OffrBox’s innovative technology can help modernize the sector and generate greater efficiency by streamlining real estate transactions and reducing their costs significantly.”
Eric Andrew, President and Founder of OffrBox, said, “We have taken much note and interest in Bahrain and its regional leadership position in Fintech. Specifically, we believe that Bahrain Fintech Bay offers us a unique opportunity to deploy the OffrBox platform, enhance its capability through local innovation, and work with industry to develop leading technology for real estate investment.”
OffrBox is a US based Fintech startup with a mission to simplify real estate investing for all people. OffrBox’s proprietary technology empowers buyers and sellers to search, negotiate and complete contracts online through a single portal. OffrBox makes the investing process more efficient by providing investor-grade search filters, real-time negotiation, due diligence documents, and a cloud-based contract process. OffrBox was created by a team of real estate professionals, tech wizards, and marketing gurus who have over 100+ years of real estate experience. Since launching in July 2016, OffrBox has listed 5,762 properties in over 1,300 cities with a total value of $563 million.
OffrBox is lead by Eric Andrew, a real estate investor with over 15 years of experience. He is a graduate of Columbia University and completed the Harvard Business School Venture Management Program. He also led the successful launch of three divisions at Google-Venture backed Auction.com, a real estate tech company valued over $1 billion.
For more information on OffrBox visit https://offrbox.com/
About The Bahrain FinTech Bay (“BFB”)
The Bahrain FinTech Bay (“BFB”) will be the leading FinTech Hub in Middle East, located in the Arcapita Building, Bahrain. Bahrain FinTech Bay will provide a physical hub to incubate insightful, scalable and impactful FinTech initiatives through innovation labs, acceleration programs, curated activities, educational opportunities and collaborative platforms. Bahrain FinTech Bay partners with governmental bodies, financial institutions, corporates, consultancy firms, universities, associations, media agencies, venture capital and FinTech start-ups to bring the full spectrum of financial market participants and stakeholders together.
For more information on Bahrain FinTech Bay visit http://bahrainfintechbay.com/
About FinTech Consortium (“FTC”)
The FinTech Consortium is a Singapore-based FinTech Incubator and ecosystem builder that aims to further the development, interaction and acceleration of FinTech ecosystems. FTC foster synergies among market players, including government bodies, financial institutions, corporates, investors and innovators, who believe that technology can bring added value to the financial industry.
For more information on FinTech Consortium visit http://www.fintech-consortium.com/© Press Release 2018