Australian B2B payments and rewards platform pay.com.au has completed a major capital event that significantly strengthens its balance sheet and growth ambitions. The Melbourne-based fintech, which enables businesses to earn rewards on everyday expenses, continues to gain traction with small and medium-sized enterprises across the country. Its latest funding step confirms investor confidence in both the business model and its international expansion strategy.
Capital Raise and Valuation
The company has closed a $53 million capital event, comprising a $25 million primary equity raise alongside a $28 million secondary sell-down by early shareholders. This transaction values pay.com.au at approximately $633 million, placing it among the more highly valued private technology businesses in Australia. The uplift more than doubles the valuation reported earlier in the year, reflecting rapid revenue and volume growth.
Investor Base and Capital Event Structure
The round was led by Morgans Corporate, with participation from Wilson Asset Management, Thorney Investment Group, and Ophir Asset Management. Existing and high-profile investors on the cap table include barrister Allan Myers, the Rubino family, Afterpay backer John McBain, Luxury Escapes cofounder Adam Schwab, and Bell Potter’s Hugh Robertson. The mix of institutional and sophisticated private investors gives pay.com.au both capital depth and a network of experienced backers as it scales.
Revenue Growth and Financial Metrics
According to recent filings, pay.com.au more than doubled its revenue in FY2025 to $73 million, up from $33.2 million in FY2024. Losses also expanded to $8.5 million from $4 million as the company invested aggressively in technology, hiring, and market expansion. The fintech reported annualized gross revenue of $246 million in the September quarter, underlining strong transaction growth through the platform.
Product Proposition and Market Opportunity
Founded in 2019 by Damien Waller, Edward Alder, and Grant Austin, pay.com.au focuses on allowing businesses to earn and redeem points on substantial operational expenses. Customers can make payments for tax, suppliers, and wages, then convert those flows into rewards with a network of around sixteen global partners. These include major airlines and payment schemes, giving SMEs access to loyalty benefits that historically skewed toward large corporates and consumer credit products.
US Expansion and Partnership Strategy
The new capital is earmarked to fund both domestic growth and a push into the United States, where pay.com.au has already set up a subsidiary. The company has secured agreements with American Express, Visa, Mastercard, and Air Canada, and has also struck partnerships with hotel giants Marriott, IHG, and Accor. It is working to extend its United Airlines MileagePlus conversion option, already available in Australia, to customers in the US market.
Path Toward a Potential Listing
Managing director and CEO Ed Alder has indicated that the board is actively considering a future listing on the Australian Securities Exchange. The recent raise is positioned as a pre-capital event step rather than a formal pre-IPO round, keeping options open between private capital strategies and a public float. A potential IPO would give investors direct exposure to a dedicated business rewards platform, instead of loyalty programs bundled inside larger airlines or retailers.
With fresh funding, a sharply higher valuation, and global partners on board, pay.com.au is entering its next phase of expansion with considerable momentum. The business is betting that SMEs will continue to seek more value from unavoidable expenses, and that specialist rewards infrastructure can unlock that demand at scale. As it deepens its presence in Australia and builds a footprint in the United States, the company will be closely watched as a candidate for the public markets in the coming years.