Accessing salaries in advance: Australian fintech secures $4m of Series A

Australian fintech Beforepay has today announced the successful completion of its AU$4 million Series A capital raise. The round, which closed in nine days and was oversubscribed, brings the total amount raised this year to over AU$6 million.

The AU$4m Series A round was led by venture capital investor, Airtasker Chairman and Vocus Communications founder James Spenceley. The funds from the capital raise will be used to enable Beforepay to keep up with user growth and the demand it is experiencing for its pay advance product.

CEO and co-founder Tarek Ayoub said the funding round will ensure Beforepay can continue to keep up with demand and help more working Australians access their Pay On Demand.

“We are doing for salaries what buy now, pay later has done for shopping,” he said. “Beforepay offers a flexible alternative by providing individuals with access to their salaries in advance of their pay schedules. Beforepay is addressing the gap in the buy now, pay later market, which is currently only accepted at around 13 per cent of merchants nationwide.

“We’re on a mission to give Australians greater financial control and convenience by opening up access to money they have already earned when they need it.”

Within only a few months of commercial launch, the fintech has surpassed over 100,000 registered customers and is experiencing exponential 20 per cent week-on-week growth in the number of pay advances. Beforepay is now, on average, providing an Australian with a pay advance every 53 seconds.

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