Melbourne-based fintech company pay.com.au has raised $25 million as it prepares to expand overseas, starting with the United States.
The funding round was led by Morgans Corporate, with support from Wilson Asset Management, Thorney Group, and Ophir. An additional $28 million worth of existing shares was also sold in a secondary deal.
The company is now valued at $633 million before the new funding, which is 2.6 times its annualised gross revenue of $246 million recorded in the September quarter.
In FY2025, the company’s losses doubled to $8.5 million, but its revenue also grew strongly, jumping from $33.2 million in FY24 to $73 million.
The new funds will be used to grow within Australia, expand into the US with partners like Amex, and improve its payments and rewards services.
Pay.com.au has previously raised $5 million in 2023 and $18 million earlier this year, when it was valued at $300 million.
The company’s investors include well-known names such as barrister Allan Myers, the Rubino family, Afterpay investor John McBain, Luxury Escapes cofounder Adam Schwab, and Bell Potter’s Hugh Robertson.
Founded in 2019 by Damien Waller, Edward Alder, and Grant Austin (Waller and Alder also created Points Hack), the B2B rewards platform lets customers earn and use points through 16 global partners, including Qantas, Singapore Airlines, Virgin Airlines, Amex, Visa, and Mastercard.
“A simple, practical way for businesses to get more value back from the expenses they already pay,” he said.
“As we refine our core product, grow our footprint and build stronger strategic partnerships, we are continuing to shape a strong business loyalty ecosystem for the Australian SME community.”
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