The Bristol-based Propflo recently closed its pre-seed funding round of £180,000, led by Tan, for the platform which aims to give sellers and buyers transparency.
The platform has been compared to credit reporting company Experian, as it gives homes a proprietary property score which homeowners can add further detail to. The score is presented similarly to a credit rating. It is calculated based on information such as how close a home is to amenities like schools, healthcare facilities, green space, or transport links.
Buyers can also give more accurate transparency on their readiness to purchase by providing information on whether they have obtained a mortgage in principle and the size of their deposit.
Propflo also offers to connect sellers to property professionals and buyers to mortgage brokers, which is expected to speed up the selling and buying process.
Tan has an extensive history in the mortgage and property sector, having created a property portfolio before founding broker and packager Dynamo in 2006.
He left the company last year and has since become the non-executive chairman of mortgage criteria searching system, Knowledge Bank, after acquiring a stake in the business.
Tan will join the Propflo board as a non-executive director along with his colleague Penny Desborough, who is also non-executive director of Knowledge Bank. Desborough worked as Tan’s executive assistant for 14 years at Dynamo. Angel investor Robin Balen was also part of the round.
Luke Loveridge (pictured, right), founder and CEO of Propflo, said: “I really admire what Ying has accomplished in the mortgage intermediary sector, and his knowledge of both the mortgage and property markets will be a huge asset to Propflo.
“When he and I discussed the opportunity I felt that our values aligned and we could work very well together to build a great business. I’m also delighted that Robin has also participated in the round; his advice in previous proptech ventures proved invaluable.”
Tan (pictured, centre) said: “Propflo is a super exciting opportunity for me. When I exited my business, I wanted to back and empower the next generation of entrepreneurs. Luke already has an excellent proven track record, and has all the amazing attributes that I look for in founders.”
He said Propflo was a “revolutionary product” with ambitious plans to disrupt the marketplace and create a better property buying experience.
Tan added: “This makes it incredibly exciting for me and compliments my other recent investments. I am delighted to be part of its next chapter of growth and the exciting journey that lies ahead.”
Daniel Moyo (pictured, left), co-founder and chief data scientist of Propflo, said: “Adding the market-specific and commercial experience of Ying and Robin to the business creates an even stronger, well-balanced team.”