Kenyan prop-tech and fintech startup PayServe is seeking to raise US$1 million in Series A funding to expand its technology platform that automates billing, payments and financial reconciliation for large residential estates and managed properties.
Founded in 2024, the startup combines smart metering, mobile money, banking integrations and accounting software to help property managers improve revenue collection and reduce administrative inefficiencies.
PayServe currently bills more than 10,000 units across over 50 properties, has deployed 3,000 smart meters and processed KSh1 billion (approximately US$7.7 million) through its platform since inception.
Founder and CEO Steve Butler Karechio said the company was raising capital to “scale sales, deepen the product and expand regionally,” as it prepares to enter additional African markets.
What is PayServe and What Does It Do?
PayServe is a Kenyan technology startup operating at the intersection of property technology and financial technology, providing an integrated platform for managing the financial and operational activities of large residential estates, apartment complexes, gated communities and mixed-use developments.
The company helps property developers, facility managers, property management companies, homeowners’ associations and community water schemes automate activities such as rent collection, service-charge billing, utility payments and financial recordkeeping.
Its platform connects smart water and electricity meters with payment services, banking systems and accounting software, allowing property managers to monitor consumption, calculate bills, collect payments and reconcile transactions without relying entirely on manual processes.
“Our platform reads consumption straight from our smart water and power meters, collects payments through M-Pesa and direct bank integrations with Absa, Co-op Bank, NCBA, Equity and KCB, and reconciles them automatically,” said Butler.
The system subsequently transfers financial information into clients’ accounting platforms, including SAP, Zoho and QuickBooks, while incorporating Kenya Revenue Authority electronic invoicing compliance through eTIMS integration.
Beyond billing and payments, PayServe offers additional modules for visitor and access control, maintenance, procurement, unit handover, bookings and resident communication.
The startup’s broader objective is to provide a centralised digital system through which property managers can coordinate financial transactions, utility consumption and estate operations.
“Put simply, PayServe is the operating layer of managed real estate,” Butler said.
Automating Estate Billing, Payments and Revenue Collection
PayServe’s technology addresses operational challenges arising from the growing number of large residential developments in Kenya, where property managers must oversee hundreds or thousands of households and collect payments for multiple services.
According to Butler, the property market has shifted from standalone rental properties towards larger developments, including gated communities, apartment estates with 1,000 or more units and mixed-use projects.
These developments require management to bill residents for rent, service charges, water, electricity and security, creating substantial administrative demands.
However, Butler said many property managers continue to depend on spreadsheets, manual meter readings and payment statements that staff reconcile individually.
“Yet most still run on spreadsheets, manual meter readings and M-Pesa statements reconciled by hand,” he said.
Such practices can result in disputed bills, delayed payments, inaccurate records and revenue losses, particularly where service charges and water consumption are concerned.
PayServe seeks to address these problems by connecting smart meters directly to its billing system, allowing utility consumption to be recorded and charges calculated automatically.
Residents can then make payments through M-Pesa or supported banking channels, while the platform matches transactions against outstanding bills and updates financial records.
The company also integrates with accounting software and Kenya’s eTIMS system, helping property managers streamline financial reporting and tax-compliant invoicing.
Butler said PayServe differentiates itself from existing solutions by combining software, metering, payments and accounting in a platform designed specifically for large-scale property operations in Kenya.
“We combine software, metering, payments and accounting in one system built for estate-scale operations in Kenya,” he said.
PayServe’s Growth, Customers and Revenue Model
PayServe has established an operating presence across Nairobi, Eldoret and Mombasa, with its platform supporting more than 10,000 units across over 50 properties.
The startup has also deployed 3,000 smart meters and processed KSh1 billion, equivalent to approximately US$7.7 million, in transactions since its establishment.
Its deployments include Northlands Heights, which has more than 1,000 units and over 1,000 smart water meters, and Mwalimu Kisaju, comprising 840 units and 1,600 smart meters.
Other customers and deployments mentioned by the company include JJ Tower, Altura, Volaire and Escada.
PayServe has also established a live integration with Kenya Revenue Authority’s eTIMS system, connected its platform to Safaricom’s Daraja API and integrated directly with five major banks.
The company is preparing to add PesaLink, a Kenyan interbank payment service, to its payment infrastructure.
Its customer pipeline is expanding into serviced apartments, mixed-use developments and community water projects, indicating opportunities beyond conventional residential estate management.
PayServe generates revenue through three principal channels: recurring software-as-a-service subscriptions charged per unit, smart water and electricity meters sold or leased, and implementation, integration and support services.
For property developers seeking to avoid substantial initial expenditure, the startup also offers a zero-upfront arrangement under which it installs and operates the system before recovering its costs through an agreed revenue-sharing arrangement.
Despite its growing footprint, PayServe faces challenges involving lengthy sales processes, hardware installation, existing infrastructure and customer onboarding.
Butler said purchasing decisions often involve developers, management companies and owners’ committees, making customer acquisition time-consuming.
He also noted that plumbing conditions, legacy meters and the quality of inherited billing records can affect implementation timelines.
“Every client has a different bank, accounting system and tax setup, so each integration is its own project,” he said.
PayServe Seeks $1m Series A to Scale Regional Operations
PayServe has been entirely founder-funded since its establishment but is now seeking US$1 million in Series A financing to support its next growth phase.
The proposed funding will enable the startup to expand its sales operations, improve its technology and prepare for entry into additional African markets.
“We’re raising to scale sales, deepen the product and expand regionally,” Butler disclosed.
The fundraising comes as PayServe seeks to build on its existing customer base and strengthen its position in Kenya’s managed-estate market before expanding internationally.
The company’s near-term expansion targets include Uganda, Ethiopia and Congo, where it believes growing managed residential developments could create demand for automated property-management solutions.
However, the startup intends to establish a proven operating model in Kenya before pursuing broader regional expansion, recognising that payment infrastructure, banking arrangements, tax requirements and property-management practices differ across countries.
“The near-term focus is expanding to regional markets like Uganda, Ethiopia and Congo, where the managed-estate market is growing fast, once the Kenya playbook is proven,” Butler said.
The company’s fundraising and expansion plans reflect its ambition to move beyond individual property-management deployments and establish a scalable technology platform serving large residential developments across Africa.
With its existing integrations, smart-meter deployments and transaction-processing footprint, PayServe is positioning itself to address the financial and operational complexities of increasingly large managed estates.
Its ability to convert that traction into sustainable growth will depend on expanding its customer base, improving implementation efficiency and adapting its platform to the requirements of new markets.
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