x15ventures, the Commonwealth Bank’s venture scaling arm, has tipped an additional $700,000 into its joint venture fintech Payble.
The startup is a subsidiary of ASX-listed Sydney fintech Identitii (ASX: ID8), which uses blockchain and tokenisation to connect banks and businesses with the data for payments, in a joint venture with x15.
Payble co-founder and MD Elliott Donazzan said he was thrilled that x15ventures exercised its right to take a follow on stake following its initial investment last year. The former Director of Innovation at Identitii founded the startup in 2020.
“We are rapidly accelerating our commercialisation and go-to-market strategy, having successfully completed a commercial trial and signed our first customer in the energy markets this year, and we are incredibly grateful to Toby and the x15 team for their ongoing support,” he said.
“We look forward to what promises to be an exciting year ahead.”
The fintech uses open banking technology to reduce missed or late payments from retail customers and help them better manage recurring payments. Payble initially targeted the retail energy sector in its initial commercial trials, signing up its first business customer this year
The company is now looking at areas such as local government, which has an increase of more than 30% in the number of late payments for council rates. It’s also working on Consumer Data Right (CDR) accreditation.
Identitii CEO John Rayment said Payble’s early success is a great credit to Donazzan and his team.
“Payble is creating a two-sided marketplace, using technology to solve a significant problem for both consumers and businesses alike, an operating model that has accelerated new industries like Buy Now Pay Later,” he said.
x15 MD Toby Norton-Smith said they are excited to be part of Payble’s journey.
“Helping early-stage ventures scale is what x15 is all about, and we see a number of opportunities on the horizon for Payble,” he said.
“We are incredibly optimistic about how they are solving a key pain point for both merchants and consumers across Australia.”
x15ventures now holds 43.9% stake in Payble, Identitii 39.3%, with Payable founder Elliott Donazzan holding 5.6%.