Pay.com.au raises US$28m Series E, rebrands as PayRewards for US launch
Melbourne fintech Pay.com.au closed a US$28 million Series E to fund its US market entry as PayRewards. Total capital raised: US$70 million. Valuation not disclosed.
The company lets small businesses earn loyalty points on payments including rent, suppliers, utilities, and taxes paid by credit card or bank transfer. Partners include Qantas, Virgin Airlines, Amex, Visa, and Mastercard.
This follows a November 2025 raise of A$25 million at a $633 million pre-money valuation, led by Morgans Corporate with backing from Wilson Asset Management, Thorney Group, and Ophir. That round included A$28 million in secondary sell-down, meaning early shareholders cashed out while the company added growth capital.
Pay.com.au claims A$10 billion in processed payments over the past 12 months, double the previous year, across 30,000 Australian businesses. The company charges businesses fees to process payments in return for points alongside existing rewards programmes.
What this means for sales teams
The go-to-market structure is built out. Public directory data shows a Head of Sales, Head of Business Development, Head of Account Management, and Head of Partnerships. That implies multiple segments to sell into, likely SMB and mid-market.
The US launch as PayRewards puts the company into direct competition with established payroll and business payments players: ADP, Gusto, Paychex, and Rippling. All offer payment processing with varying degrees of rewards integration. Pay.com.au is betting on a no-monthly-fee model where businesses pay when they choose to earn PayRewards points.
US CEO Blake Hutchison says the platform lets businesses "pay anyone, by card or bank transfer" while earning both credit card and PayRewards points. That positions it as a payments layer that sits alongside, not instead of, existing payroll and accounting systems.
Founded in 2019 by Damien Waller, Edward Alder, and Grant Austin. The former two launched Points Hack, so they understand loyalty programmes. Cap table 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.
Headcount sits in the 51–200 employee range, which is lean for US$70 million in total capital. Worth watching: whether they scale the sales team ahead of the US launch or keep it tight and rely on product-led growth.
Series E is late-stage funding, typically for companies proving they can scale beyond their home market. Pay.com.au is testing that thesis now.