Smart50 star Pay.com.au lands $39 million for US expansion

Melbourne fintech Pay.com.au has raised US$28 million (AU$39 million) in a Series E round for its US launch announced last year.

The seven-year-old scaleup targets small businesses, which can earn loyalty points on payments including rent, suppliers, utilities and taxes, paid by credit card or bank transfer.

Founded in 2019 by Damien Waller, Edward Alder and Grant Austin – the former two launched Points Hack – it will launch in the US as PayRewards, allowing users to earn and redeem points via 16 global partners, including Qantas, Virgin Airlines, Amex, Visa and Mastercard.

The latest round, from undisclosed new and existing investors, takes Pay.com.au’s total funding to US$70 million. A valuation for the Series E was not disclosed.

It comes nine months after a $25 million raise at a $633 million pre-money valuation, led by Morgans Corporate with backing from Wilson Asset Management, Thorney Group and Ophir.

At the time, Pay.com.au said that capital would fund both Australian growth and its planned US expansion.

Pay.com.au previously raised $5 million in 2023, and $18 million earlier in 2025 at a $300 million valuation.

Its cap table also includes Melbourne barrister Allan Myers, Perth’s Rubino family, Afterpay investor John McBain, Luxury Escapes co-founder Adam Schwab and Bell Potter’s Hugh Robertson.

Pay.com.au says it has now processed more than $10 billion (US$7 billion) in business expenses over the past 12 months, double the previous year, involving more than 30,000 Australian businesses.

The fintech charges businesses fees to process payments in return for points alongside existing rewards programs.

Its US model has no monthly subscription fee, with businesses paying when they choose to earn PayRewards points.

PayRewards US CEO Blake Hutchison said the platform is designed to let businesses “pay anyone, by card or bank transfer” while earning both credit card and PayRewards points.

This article was first published by Startup Daily.

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