Melbourne fintech pay.com.au has raised $25 million as it looks to head offshore and open in the US.
The round was led by Morgans Corporate with support from Wilson Asset Management, Thorney Group, and Ophir. Another $28 million in existing shares also changed hands in a secondary sell-down.
The deal valued the payments and rewards platform at $633 million pre-money – 2.6x the annualised gross revenue, which hit $246m in the September quarter.
Its losses more than doubled in FY2025 to $8.5 million, while revenue for the year more than doubled, up from $33.2m in FY24 to $73m.
The funds are earmarked for local expansion alongside international expansion in the US market with partners including Amex, as well as improvements to the core payments and rewards offering.
Pay.com.au previously raised $5 million in 2023, and earlier this year, $18 million, at a $300 million valuation.
Its cap table also includes Melbourne barrister Allan Myers, Perth’s Rubino family, Afterpay investor John McBain, Luxury Escapes cofounder Adam Schwab and Bell Potter’s Hugh Robertson,
The B2B rewards fintech, founded in 2019 by Damien Waller, Edward Alder and Grant Austin – the former two launched Points Hack – allows customers to earn and redeem points via 16 global partners, including Qantas, Singapore Airlines, Virgin Airlines, Amex, Visa and Mastercard.
Alder, the CEO and recently a finalist in the EY Entrepreneur of the Year awards, said that fewer than 20% of 2.6 million businesses in Australia engage with rewards program
“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.”
Wilson Asset Management’s Sam Koch said they see immense potential in pay.com.au’s vision and the value proposition of PayRewards for SMEs.
“Their disruptive model offers uncapped rewards on previously unrewarded expenses, like payroll and tax payments is truly unique, giving them a powerful competitive advantage,” he said.
“We are thrilled to back the team as they turbocharge their international scale and cement their position as a global leader in business loyalty payments.”
The six-year-old business is reportedly pondering an ASX listing in the years ahead.
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