Proptee: Fractional real estate platform

About

Proptee started in 2018 as a UK company that planned to launch a fractional property app once it had FCA authorisation. It launched instead through Proptee Europe UAB in Lithuania, which holds a virtual currency exchange and wallet operator registration with the Financial Crime Investigation Service. That is an anti-money-laundering registration for crypto businesses, not a licence to sell investments, and Proptee is not authorised by the FCA. Each property is split into 10,000 or 100,000 tokens Proptee calls Fractions. You buy and sell them on Proptee's own order book, pay 0.5% commission each way after your first €1,000, and are promised a share of rent every month. Proptee says the properties are held by its holding company, Proptee Pay Kft. Its terms do not explain what legal claim a Fraction gives you on the property or its income, and you can withdraw Fractions to a personal crypto wallet. Treat this as a dormant project until proven otherwise. The iPhone app was last updated in March 2022, the transparency page's last asset report is from November 2022, the terms are dated January 2022, the site footer's Fees link goes nowhere and the homepage still asks visitors to join a waiting list. Nothing on the site says it has closed, so the listing stays, but check that the app still works before sending money.