Financial crime prevention company Identitii (ASX:ID8) has sold its remaining stake in the fintech Payble to existing investor OIF Ventures for $1.6 million.
Payble, founded in 2020 by CEO Elliott Donazzan, is a payments platform that allows local governments to receive payments using QR codes. It currently has 50 customers, including four councils in New Zealand, and around 200,000 users. There are over 500 councils in Australia, and the company plans to expand to the UK in 2026.
Payble was originally a joint venture between Identitii and Commonwealth Bank’s VC arm, x15 Ventures, which invested $700,000 in 2021. OIF Ventures joined in late 2023, leading a $3.5 million round, bringing Payble’s total Seed funding to $6 million.
With this sale, OIF Ventures now owns about 40% of Payble, alongside x15 Ventures and Donazzan, who each hold an equal share. However, the sale does not provide additional working capital to the company.
Oliver Darwin said they believe Payble has the enormous potential to transform how communities engage with their councils, having first invested when Payble had 12 customers.
“Reaching 50 council customers so quickly, including strong traction in New Zealand, is proof of both product-market fit and an outstanding team. We’re excited to increase our investment and support Payble as it continues its growth journey,” he said.
Donazzan said reaching the half ton was a milestone that shows demand for better payment experiences in local government.
“Having OIF increase their stake is a strong vote of confidence, and we’re thrilled to keep building on this momentum together, including exploring expansion into the UK next year,” he said.
After selling its stake in Payble, Identitii plans to use the money to grow its risk and compliance platform, BNDRY.
In April, the company partnered with digital marketplace Cherry Hub to provide an anti-money laundering and counter-terrorism financing compliance solution to gaming venues, clubs, and hotels in Australia. The new funds will be used to support this project.
Identitii CEO John Rayment said the $1.6 million gives the business runway into 2026.
“We are experiencing significant demand for our Cherryhub partnership solution, leveraging their industry connections and experience,” he said.
“Unique to our solution is access to critical industry data, including gaming machine system, venue membership and staff observation data, all available via our direct connection to Cherryhub. This gives the Cherryhub x BNDRY solution a distinct advantage, at a time when regulatory scrutiny is significant.”
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