Australian payment fintech Azupay has taken on a $10 million equity investment from Ellerston Capital.
The backing comes via Ellerston’s unit trust for growth stage and pre-IPO investments, the JAADE Australian Private Assets Growth Fund.
Azupay has earmarked the funds to accelerate customer acquisition and drive further product innovation in real-time payments to help businesses be paid faster via the New Payments Platform (NPP).
The latest equity support comes a little over a year after Western Australian mining billionaire Andrew Forrest took an undisclosed majority stake in Azupay, through his private family investment fund Tattarang.
Azupay’s enabling consumers, businesses, and government agencies to make and receive instant and safe payments from a bank account without the need for a debit or credit card using NPP and PayID.
CEO John Murphy said the company was transforming Australia’s real-time payments landscape, helping businesses accelerate cash flow and reduce their payment processing costs.
“Now is a pivotal time for many Australian businesses and real-time payment solutions can play a powerful role in their health and success,” he said
“Azupay solutions are designed for the digital economy simplifying the payment experience and reducing administration overhead, typically required to manage account receivables and payables. It offers a faster, safer and smarter way for Australian businesses to pay and get paid.”
Azupay recently integrated with accounting platform, Xero to create PayID powered by Azupay, the first real-time payment option using the NPP and unique PayIDs or QR codes.
The two-year-old fintech is also working on PayTo, the next generation of real-time pull payments, which is due for release mid-2022, and is looking to expand its partnerships with state and local governments, such as Service NSW.
Ellerston Capital’s Justin Diddams said they were delighted that Azupay was joining the portfolio of Australian growth companies in the JAADE Fund.
“We have been impressed by Azupay’s innovative payment solutions, as the only player specialising in NPP-powered payment methods, front-running product development and innovation in the domestic real-time payment industry,” he said.
“Azupay benefits from being a key pillar in the supply chain delivering real-time payments to businesses and consumers. We are pleased to support Azupay’s accelerated growth ambitions in Australia and globally.”