Rent.com.au (ASX:RNT) reported a record revenue of AU$932,000 for the March quarter, up 24% quarter-over-quarter and up 5% year-over-year, according to a Wednesday Australian bourse filing.

Its Chief Executive Jan Ferreira said the revenue from its RentPay product rose 47% year-over-year, reaching the AU$1 million mark on an annualized recurring basis, the filing said.

The firm will seek to raise AU$1.7 million from a fully underwritten entitlement offer, which closes soon, per the filing.

A significant amount of the funds raised via the entitlement offer will be used for improvements in its RentBond product, Ferreira added.

This will allow it to cross-sell its other products, RentConnect utility connections services, the RentPay payments platform, and other future products.