Pay.com.au Raises A$39M to Launch Rewards Platform in US
Synopsis
Pay.com.au is taking its business payments and rewards model to the US after raising A$39 million in fresh Series E funding.
Melbourne-based fintech Pay.com.au has raised US$28 million (A$39 million) in a Series E round as it prepares to expand into the US with its business payments and rewards platform.
The seven-year-old company, founded in 2019 by Damien Waller, Edward Alder and Grant Austin, targets small businesses that can earn loyalty points when paying expenses such as rent, supplier bills, utilities and taxes through credit cards or bank transfers.
US Expansion Takes Shape
Pay.com.au will enter the US market under the PayRewards brand, allowing businesses to earn and redeem points through 16 global partners, including Qantas, Virgin Australia, American Express, Visa and Mastercard.
The latest funding round, backed by undisclosed new and existing investors, takes the fintech’s total funding to US$70 million. The company has not disclosed its valuation following the Series E.
The raise comes nine months after Pay.com.au secured A$25 million at a A$633 million pre-money valuation with Morgans Corporate leading the round alongside Wilson Asset Management, Thorney Group and Ophir.
Payments Business Doubles in a Year
Pay.com.au says it processed more than A$10 billion in business expenses over the past 12 months, double the previous year’s figure. More than 30,000 Australian businesses now use the platform.
The fintech charges businesses fees for processing payments while allowing them to earn PayRewards points alongside existing credit card rewards programs.
The company previously raised A$5 million in 2023 and A$18 million in 2025, with the latter round valuing the business at A$300 million. Its investors include Afterpay investor John McBain, Luxury Escapes co-founder Adam Schwab and barrister Allan Myers.
For its US launch, PayRewards will not charge businesses a monthly subscription fee. Instead, companies will pay when they choose to earn PayRewards points.
PayRewards US CEO Blake Hutchison said the platform aims to let businesses pay suppliers and other recipients by card or bank transfer while earning both credit card and PayRewards points.
The expansion gives Pay.com.au a new opportunity to take its Australian payments and rewards model into the much larger US business payments market.
Source: Startup Daily
Vishal is an experienced Editor at Inspirepreneur Magazine with key interests in artificial intelligence, eCommerce, entrepreneurship, lifestyle and startup sector. Prior to joining Inspirepreneur, he was a Content Writer cum Correspondent at Siliconindia Magazine, where he worked on Company Profiles, Cover Stories, Executive Profiles, Feature Articles and Thought Leadership content.
