Mastercard joins $10m series A funding round in Brisbane fintech Paypa Plane
Brisbane fintech Paypa Plane is revolutionising the financial sector by delivering customisable payment solutions to banks that grant them entry into Australia’s PayTo Network.
Paypa Plane’s services provide a comprehensive suite of capabilities to banks and their customers and has garnered the attention of US payment giant, Mastercard who joined the recent $10 million series A funding round, which also included Cuscal, Sprint Ventures, and the Queensland government’s Business Investment Fund. The new investors join existing backers Commonwealth Bank and Tyro.
“Working with shareholders who understand and support the role Paypa Plane plays in the future of payments is critical,” said Simone Joyce (pictured), Co-Founder and CEO of Paypa Plane.
Mastercard invests in Paypa Plane, as the country readies for a new payment system, PayTo. The PayTo platform will allow customers to manage payments in banking apps and networks and is expected to reduce payment costs for small businesses.
PayTo will compete with credit cards, PayPal, and buy now, pay later options. Merchants’ websites will begin displaying “pay by bank” buttons, and the system will be available in stores via QR codes. The platform sends customers to their bank app for authentication, which reduces fraud rates because card numbers are not used. PayTo will also provide customers with greater control over recurring and subscription payments.
“Now, with the backing of QIC, Paypa Plane’s Brisbane team will grow from 40 to almost 100 over the next five years to support further product development and deployment, strengthening Queensland’s expanding financial sector,” Treasurer and Minister for Trade and Investment Cameron Dick.
Paypa Plane’s product, engineering and customer support teams will benefit from the investment, which is managed by Queensland Investment Corporation.