Parpera closes $1.3m to accelerate launch of Australia’s first BaaS enabled offering

Parpera closes $1.3m to accelerate launch of Australia’s first BaaS enabled offering

Parpera, a money management platform for sole traders, freelancers, and entrepreneurs has closed an oversubscribed $1.3 million to accelerate its launch of Australia’s first Banking-as-a-Service (BaaS) enabled offering.

The funding round comprised investment from Melbourne-based fund, Equitable Investors (as the lead) and several existing and new high-calibre investors, including a Family Office with strong and relevant industry experience.

The funding provides Parpera with launch and growth capital to rapidly deploy its innovative platform to empower ~2.4m Australian business owners to better manage their money.

“We’re excited to welcome our new investors to join our team, existing investors, and community on our journey to create what we believe will be the future of money for businesses, which have been long underserved by incumbent financial institutions and present us with a significant opportunity to better serve them,” said Daniel Cannizzaro (pictured), Parpera’s Founder and CEO.

The oversubscribed raise follows a previous $1m million equity crowdfunding fundraise from ~340 investors last year, which financed the build of its industry-first platform for businesses.

89% of Australia’s 2.4 million actively trading businesses are micro businesses with between one and four employees, representing the fastest growing business segment.

Parpera enables this rapidly-growing segment of micro-businesses to set up, manage, and build their business in the new digital-based economy.

Earlier this week, Parpera announced that it will begin by offering Australia’s first Banking-as-a-Service product in partnership with Railspay. An entirely mobile app-based business solution, including instant access to a Volt bank account, a Mastercard business debit card, and tools for invoicing, faster payments, intelligent cash flow and tax reporting, and receipt capture capabilities.

Parpera is now available to eligible Australian sole traders, starting with its investors, waitlist, and then the wider public over the coming weeks.

Once fully launched in Australia, Parpera intends to raise additional capital and leverage its platform to expand globally and is already in active discussions with several South-East Asian businesses expressing demand for its capabilities.