BRISBANE, AUSTRALIA – 23 November, 2021 – The world’s first unified payments platform, FIN-PAY, has announced it has raised AU$10 million (approx. US$7.2 million) in seed funding from a number of high net worth individuals and family offices. 

The capital will facilitate FIN-PAY’s mission to empower merchants worldwide by becoming a critical piece of global switching infrastructure for payments. Already generating revenues in Australia and the Middle East, and with prospective revenues of more than $44.8 million, FIN-PAY plans to launch in Asia-Pacific and Europe in the next 12 months, and Latin America and North America in 2022.

The funding round is significant as one of Australia’s largest seed raises in the 2021-2022 financial year, and recognises the substantial global opportunity for FIN-PAY. The last 12 months have seen a sharp rise in venture capital funding for Australian businesses. According to KPMG’s Venture Pulse report, Australian startup investments are up by a record 28%, jumping from US$1.95 billion in 2020 to US$2.5 billion in 2021. FIN-PAY's raise is a prime example of the upward trend in the Australian investment market.

Globally, investment in fintech has continued to grow, rising from $87 billion in H2’20 to $98 billion across 2,456 deals in H1’21, according to KPMG’s Pulse of Fintech H1’21 report. Payments continues to be a strong segment for global fintech investment, driven by increasingly connected consumers looking for seamless e-commerce and contactless payments solutions during the pandemic, attracting $19 billion in the first half of 2021.

Ian Parke, founder and CEO of FIN-PAY commented on the deal; “This year has seen a lot of investment activity in the fintech sector, but unlocking real revenues and growth at scale requires technology that enables, rather than loudly boasting of disruption. 

“Our sophisticated patented technology is easily adopted by merchants, and enables both merchants and consumers choice over the way they make and receive payments. This seed capital will support ongoing product development as well as accelerate FIN-PAY’s already-growing global presence.”

One of FIN-PAY’s investors, Steve Aliferis, co-founder and CEO of Great Partnerships, Exceptional Delivery (gPED), added; “The gPED team has decades of experience in payments, market entry and expansion, and we identified a great opportunity to support FIN-PAY in its ambitious global plans. 

“The payments market has already seen a significant shift in consumer purchase behaviour. Spurred on by the pandemic, consumers are now much more comfortable using tech in ways that they previously hadn’t – and we are seeing this with the accelerated adoption of payment technology, such as QR codes. 

“There’s something in the water in Australia at the moment, with tech innovation thriving down under, and FIN-PAY is part of this trend. gPED sees this as a significant strategic partnership. We’re committed to supporting FIN-PAY to provide world-class solutions that create better payment moments for consumers, whilst at the same time allowing merchants to build stronger revenue streams and increase efficiency.”

The FIN-PAY app is now available to retailers in pre-release, with full market launch set for the coming months. 

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