Paypa Plane claims it is “revolutionizing” the financial sector by “delivering customizable payment solutions to banks that grant them entry into Australia’s PayTo Network.”
Paypa Plane’s services “provide a comprehensive suite of capabilities to banks and their customers and has garnered the attention of US payment giant, Mastercard who joined the recent $10m series A funding round, which also included Cuscal, Sprint Ventures, and the Queensland government’s Business Investment Fund.”
The new investors join existing backers Commonwealth Bank and Tyro.
Simone Joyce, Co-founder and CEO of Paypa Plane, said:
“Working with shareholders who understand and support the role Paypa Plane plays in the future of payments is critical.”
Mastercard invests in Paypa Plane, “as the country readies for a new payment system, PayTo. The PayTo platform will allow customers to manage payments in banking apps and networks and is expected to reduce payment costs for small businesses.”
PayTo will “compete with credit cards, PayPal, and buy now, pay later options. Merchants’ websites will begin displaying “pay by bank” buttons, and the system will be available in stores via QR codes.”
The platform “sends customers to their bank app for authentication, which reduces fraud rates because card numbers are not used.” PayTo will also “provide customers with greater control over recurring and subscription payments.”
Treasurer and Minister for Trade and Investment Cameron Dick said:
“Now, with the backing of QIC, Paypa Plane’s Brisbane team will grow from 40 to almost 100 over the next five years to support further product development and deployment, strengthening Queensland’s expanding financial sector.”
Brisbane-based Paypa Plane’s product, engineering and customer support teams “will benefit from the investment, which is managed by Queensland Investment Corporation.”
It’s worth noting that five years has passed since the firm’s launch.
According to the firm, a lot can happen in five years, but equally, it can feel like no time has passed at all.
In year 1, they started working from home “with a small team of six.” They did that for 12 months “before it was cool.” They only met every Friday for lunch. It wasn’t ideal or much fun, but it got us through.
In year 2, they moved into their first office – in Adelaide St.
In year 3, they all returned to working from home, but this was 2020, so everyone was doing it.
In year 4, they realized that they needed to grow their team again, and their Adelaide St office would no longer fit them all in. So, they headed down the road to The Annex on Creek St and kept growing.
The firm claims that they invented Smart Payment Agreements, and now they need to bring them to the world.
For more details, check here.