PEXA says ASX-backed competitor Sympli's strategy is to 'free-ride'
Sympli, for its part, said $2 billion e-conveyancer PEXA operates an "expensive and subpar" platform.
Listed e-conveyancing provider PEXA has returned fire on competitor Sympli, accusing the ASX-backed company of trying to piggyback on its infrastructure investments.
The rivals exchanged blows in submissions to a senate inquiry on competition in the $330 million digital property settlement industry, which PEXA dominates with a market share of nearly 90%.
Sympli accuses PEXA of running a monopoly, and has called for its platform to be opened up to integrations from competitors. The incumbent concedes that it owns the market, but in its submission chalked that up to Sympli's own failures.
"There may be a lack of effective competition in e-conveyancing because competitor offerings are inferior," PEXA wrote, "and competitor business models are hoping to rely on unfair government intervention that enables them to free-ride on PEXA's efforts rather than investing in providing a better customer offer."
