Innovation
Emergence of the Property Market Game Changer: SPEEDHOME.
SPEEDHOME simplifies the rental process, making it transparent and secure for both landlords and tenants. We combine mobile technology and automation to bring together a pool of high-quality tenants, transparency and interactivity for all users to make more informed decisions during the rental search experience.
According to Bank Negara 3 out 4 Malaysian is not capable of having RM1000 even in an emergency, meaning that for a tenant to pay for a 3-month deposit in many cases would not be possible.
Whilst, on the other hand, deposit in many cases cannot provide landlords with the protection they need against ‘tenants from hell’ that default their rental and cause significant damages to their property.
SPEEDHOME was the first property technology company providing zero deposit to tenants and landlords with added protection, in the region. Since our establishment in 2015, this trend has spread to developed countries, including the UK and US.
Impact
As a 4 year-old startup, SPEEDHOME’s annual revenue has exceeded the growth of more than 100%. By year two, our revenue was RM282,097 and by 2018 SPEEDHOME’s revenue grew to RM1,529,056.
Within last year alone, we provided more than RM30 million worth of insurance protection to our landlords, whilst at the same saving tenants’ RM1.4mil worth of deposit.
Sustainability of the Innovation
Currently, SPEEDHOME is utilising advanced technology to improve the process for our customers and employee productivity, for example, chatbots, online credit scoring self-checking.
To generate more revenue streams, SPEEDHOME plans to provide additional services relating to home, such as property maintenance and bulk-purchase decor and furniture installments.
CEO Profile
Wong Whei Meng, Founder, and CEO of SPEEDHOME
Wong Whei Meng, who started his entrepreneurial journey at 17, believes that passion, a good mentor and the ability to execute are key to success.
He graduated from University of Sunderland, trained as a Mechanical Engineer but found himself in the IT business. Back in 2008, he started a content delivery network(CDN) company, Aflexi Sdn Bhd, that has been then acquired by OnApp, a UK internet company.
His motto as he established SPEEDHOME? Be the change you want to see.”
“I wanted to build a fair platform for landlords and tenants. After going through an unpleasant renting experience while studying overseas, I got inspired to build a platform which eliminates discrimination. ”
Since the first day Wong started SPEEDHOME, the app has exceeded 263,000+ downloads and have had 44,800+ property listings till date. Whereas, tenant enquiries has exceeded more than 42,000.
He also a USPTO Patent Holder. Wong's IT inventions are recognized by US agencies.
He's also passionate about sharing entrepreneurial ideas with the public and writes for Focus Malaysia.
