Bahrain FinTech Bay (BFB) and the Fintech Consortium (FTC) have announced a strategic partnership with OffrBox, a New York City-based Fintech start-up that has developed an end-to-end real estate transaction platform on which one can buy and sell residential properties online.

OffrBox was featured as one of New York City’s Top 50 Startups to Watch in 2017.

It 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.

It reduces wasted time and frustration by creating a seamless transaction flow from initial offer to the actual purchase closing.

Maissan Al Maskati, the chairman of Fintech Consortium, said: "We are delighted to bring OffrBox to BFB. Real estate is an important sector in the kingdom and wider GCC region, and we believe OffrBox’s innovative technology can help modernise the sector and generate greater efficiency by streamlining real estate transactions and reducing their costs significantly."

OffrBox will bring its 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.   

Eric Andrew, the 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 BFB 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," stated Andrew, a real estate investor with over 15 years of experience.

OffrBox, he stated, has been set up with a mission to simplify real estate investing for all people.  
It 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, he added.-TradeArabia News Service