PayHOA is a software-as-a-service (SaaS) platform designed to streamline the management of homeowners associations (HOAs), particularly those that are self-managed. Established in 2018 and based in Lexington, Kentucky, the company has experienced notable growth and development in the HOA management sector.
Founded by Michael Bollinger, who previously developed solutions for volunteer-based organizations, PayHOA emerged to address the challenges faced by self-managed HOAs. The platform offers a centralized hub for association board members to manage finances, maintenance requests, and community communications. As of May 2024, PayHOA serves over 652,000 homeowners across the United States and Puerto Rico, reflecting a significant market presence.
In May 2024, PayHOA secured a $27.5 million Series A funding round led by Elephant Venture Capital. This investment marked the company's first external funding and underscored its profitability and growth potential.
PayHOA provides tools tailored for HOA management:
Financial Management: Features include invoicing and payments, general ledger accounting, budgeting, reporting, bank integrations, and vendor management.
Communication Tools: The platform supports mass communication via texts, emails, and phone calls, a mailroom for USPS mailings, message boards, and a website builder for HOAs.
The recent funding is intended to support the development of new product features and services, including the aforementioned amenity scheduling and voting capabilities, to better serve the evolving needs of HOAs.
PayHOA caters primarily to self-managed HOAs, a segment that comprises approximately 30% to 40% of community associations in the U.S., involving around 2.5 million volunteer board members. The platform's user base has grown to over 652,000 homeowners, reflecting its effectiveness and acceptance within the community.
