Fintech firm prepares for broader 2025 rollout of platform
Digital property exchange platform PEXA has successfully completed the first fully digital residential purchase in the UK, marking a key step in the company’s plan to modernise the homebuying process.
The transaction was part of ongoing trials of PEXA’s Sale and Purchase product, which is due for a broader market release later this year. Hinckley & Rugby Building Society acted as the lender, while national law firm Muve served as the conveyancer for both buyer and lender.
The deal was completed using PEXA Pay, the company’s payment system that settles through the Bank of England — the seventh such scheme to gain access. The platform enabled funds to move directly from the lender’s account to the seller’s verified conveyancer, while also ensuring the title was lodged successfully with HM Land Registry. The process was designed to increase transaction speed and reduce the risk of settlement delays.
Though the buyer in this transaction did not need to contribute additional funds, PEXA noted that following its approval by the Financial Conduct Authority as an authorised payment institution, it is now able to accept funds directly from consumers. These funds can be held and transferred to conveyancers under a Third Party Managed Account (TPMA) structure.
The development follows momentum in PEXA’s remortgage operations, which had surpassed £100 million in processed deals by the end of January 2025. Founded in Australia, PEXA entered the UK market in 2022 with the goal of replicating its digitised settlement system.
Joe Pepper (pictured), UK chief executive of PEXA, described the completed transaction as “a landmark achievement” and highlighted its significance in proving how digital processes can streamline property transactions.
“By leveraging our platform and PEXA Pay scheme, we have demonstrated how technology can simplify and expedite what has traditionally been a complex and time-consuming process,” he said.
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