Software firm Escher Group has invested €125,000 in fintech startup Deposify, which has developed a payments platform to help landlords and tenants resolve deposit-related disputes.

Escher, which is headquartered in Dublin, provides outsourced point-of-service software to postal, retail and financial industries worldwide. The firm also licensed its transaction management platform, RiposteTrEx, to Deposify, which was formed in Dublin in 2014.

Deposify operates as a third party between landlords and tenants, holding deposits on their behalf. The firm’s payment platform then lets landlords and tenants manage how and when the deposit is paid.

The startup was founded by Jon Bayle, who previously worked as a solicitor in Matheson for nearly 12 years. Jeff Bayle is also a director. At end June 2015, Deposify had accumulated losses of €148,000, funded by convertible loans.

According to Liam Church, chief executive of Escher: “Over the last few years, we have heavily invested in developing a very flexible and scalable digital transaction management platform, which can be used across a range of vertical markets and opportunities.

In Association with

“Our focus is on the postal, retail and financial industries, we are now looking to license the platform to other businesses who require technology to provide solutions for markets where Escher does not currently operate.”