Pay.com.au Raises $39M for US Fintech Expansion

Melbourne-based fintech Pay.com.au has successfully closed a US$28 million (A$39 million) Series E funding round, signaling a significant push into the United States market. This capital infusion, sourced from a mix of new and existing investors, will fuel the company's strategic launch and growth across North America. The company, founded in 2019 by fintech veterans Damien Waller and Edward Alder, along with Grant Austin, aims to revolutionize how small and medium-sized businesses manage their expenses by transforming everyday payments into valuable loyalty rewards.

Under the new branding, PayRewards, the platform will enable US businesses to accrue loyalty points on a wide array of expenditures, including rent, supplier invoices, utilities, and tax payments, utilizing credit card or bank transfer methods. This innovative approach allows businesses to leverage their operational spending to gain benefits through a network of 16 global partners, which include major players like Qantas, Virgin Airlines, Amex, Visa, and Mastercard. This strategy taps into the growing demand for value-added services in business financial management.

The latest funding brings Pay.com.au's total capital raised to an impressive US$70 million. While the valuation for this Series E round remains undisclosed, it follows a substantial A$25 million raise in late 2025. That previous round, which valued the company at a pre-money valuation of A$633 million, was led by Morgans Corporate and saw participation from prominent investors including Wilson Asset Management, Thorney Group, and Ophir. The capital from that round was earmarked for both domestic expansion and the initial stages of its US market entry.

Pay.com.au's trajectory highlights a strong growth narrative. In the past 12 months alone, the company has facilitated over A$10 billion (US$7 billion) in business expense processing, a doubling from the prior year, serving more than 30,000 Australian businesses. This impressive volume underscores the market's appetite for solutions that offer tangible benefits beyond simple payment processing. The company's business model involves charging a fee for processing payments, thereby enabling businesses to earn points in addition to any existing rewards programs they may have.

The US market entry strategy for PayRewards will feature a distinct pricing model, foregoing a monthly subscription fee. Instead, businesses will incur charges only when they opt to earn PayRewards points, offering a flexible and cost-effective entry point. PayRewards US CEO Blake Hutchison emphasized the platform's design to empower businesses to "pay anyone, by card or bank transfer" while simultaneously accumulating both credit card rewards and PayRewards points. This user-centric approach is expected to resonate well within the competitive US fintech sector.

The company's investor base is robust and includes notable figures and entities such as Melbourne barrister Allan Myers, the Rubino family from Perth, Afterpay investor John McBain, Luxury Escapes cofounder Adam Schwab, and Bell Potter's Hugh Robertson. This diverse group of backers reflects strong confidence in Pay.com.au's innovative model and its potential for significant global expansion, particularly in the lucrative US market.