Pedpin opens property payments platform in Spain
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Redpin Payments gives Spanish real estate professionals complete control over all transactions through one online dashboard while protecting client funds with bank-level security. The platform eliminates hours of bank related tasks per transaction, reduces completion day scrambles, and protects against the email-based fraud that threatens 4 out of 5 Spanish property professionals.
Redpin was formed in 2023 following Blackstone's investment in two award-winning FX companies, Currencies Direct and TorFX. Together, these companies have served more than 925,000 customers, process more than £10 billion of payments annually, and maintain an average Trustpilot score of 4.9 - reflecting 25 years of trusted service that forms the foundation for Redpin's platform vision.
Redpin Payments is the first-of-its-kind digital platform dedicated to property payments, designed to mitigate fraud and bring the simplicity and security of modern digital wallets to the previously analogue, high-risk process of purchasing a home abroad.
It is launching first in Spain, where many property purchases are still handled manually and one in five involve international buyers. The platform will roll out to additional markets later this year.
A £3.5tn trillion opportunity
Cross-border residential property transactions represent a £3.5 trillion annual market globally, according to Redpin's analysis.
Spain remains a popular destination for foreign buyers, with its top five regions including Valencia, Andalusia, Catalonia, the Canary Islands and Murcia. Spain's international property market represents both a significant opportunity and risk: foreign buyers purchased more than 125,000 homes in 2024, spending approximately €26 billion, according to the Instituto Nacional de Estadística and CaixaBank.
However, Spanish Ministry of Interior data shows international buyers are 32% more likely to be targeted for cybercrime, with real estate fraud attempts increasing 43% during peak foreign buying seasons.
Wire fraud and online scams are growing in prevalence and disproportionately affect older customers, who are more likely to be buyers of properties in popular Spanish retirement locations. Many European jurisdictions still operate under legacy regulatory regimes for property transactions, often requiring physical paperwork, wet signatures, and face-to-face identity verification. Europol's 2023 report on cyber-enabled fraud also highlighted an increase in social engineering tactics, including fraudulent payment instruction scams, phishing, and identity theft that specifically exploit the slow and fragmented nature of international property payments.
Redpin Payments enables Spanish solicitors to reclaim hours from each transaction while providing enhanced security and cost savings to their clients. By eliminating bank visits for OMF transfers and banker's drafts, and streamlining completion day processes, solicitors can focus on high-value legal expertise and personalised client relationships rather than administrative payment tasks.
Nathan Gill, chief product officer of Redpin, commented:
"Spanish solicitors excel at navigating legal complexities and building client relationships - that's their competitive advantage. Redpin Payments handles the payment administration and security concerns, so they can focus on what generates the most value for their clients and their practices. When solicitors have complete control over the payment process without the administrative burden, their clients receive better service and greater peace of mind.
"International clients expect the same level of security and transparency in property transactions that they experience in other major financial decisions. Unfortunately, traditional banking processes for international property payments haven't kept pace with these expectations or the growing cybersecurity threats.
"We've built Redpin Payments in partnership with Spanish real estate professionals who understand the daily realities of managing international transactions. Rather than forcing solicitors to abandon proven workflows, we've created a platform that enhances their existing systems and processes.
"Everybody wants to cut risk and maximise the time they can spend developing their businesses, and we look forward to rolling out our first product in our territories over the coming months.'
Redpin Payments - product features
• Instant payment capabilities that eliminate banker's draft fees and Order of Movement of Funds (OMF) transfer costs, saving clients thousands of euros per transaction
• A centralised transaction dashboard allowing solicitors to control all buyer and seller payments without handling client funds directly, reducing reconciliation work and audit risk
• Total transaction security - from Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance to final settlement - ensuring full regulatory alignment and fraud mitigation
• Multi-factor authentication and secure client communication channels that eliminate the need to share banking details via email - the primary entry point for real estate cybercriminals
• Comprehensive international payment infrastructure supporting 1,800 currency pairs across 135 territories, backed by 25 years of FX expertise
• Support and integration capabilities designed to work alongside existing legal practice management systems rather than replacing proven workflows
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