Pay.com.au, the Australian payments and rewards platform serving businesses across the country, has secured AUD$53m in fresh capital.
The company confirmed that the capital event, worth AUD$53m, was led by Morgans Corporate Limited and combines AUD$25m in new capital with AUD$28m raised through a secondary sell-down, claims Financial IT.
Investors are backing pay.com.au as it builds scale, with plans to expand locally and pursue new opportunities in the US, supported by partners including Amex.
Pay.com.au operates an end-to-end payments and rewards platform designed to help businesses earn value on everyday expenses. Its model, centred on PayRewards, enables users to earn points on a wide range of outgoings that traditionally do not generate rewards.
The new capital will support deeper investment in the company’s core payments and rewards offering, which reached an annualised gross revenue of AUD$246m for the quarter ending September 2025. Funding will also help accelerate its US market entry and extend its footprint across Australia.
According to the company, the raise was completed at a pre-money equity valuation of around AUD$633m, more than double the valuation reported a year earlier. This, it said, reinforces its position as one of Australia’s largest business loyalty ecosystems and reflects growing confidence in its model. The platform now supports rewards earned and redeemed through 16 global partners, including airlines and major card networks.
Pay.com.au managing director Edward Alder said, “We’ve built a service that genuinely changes the game for business owners. In a market where fewer than 20 per cent of the 2.6 million businesses engage with rewards programs, we offer something real. A simple, practical way for businesses to get more value back from the expenses they already pay. As we refine our core product, grow our footprint and build stronger strategic partnerships, we are continuing to shape a strong business loyalty ecosystem for the Australian SME community.”
Since launching in 2019, pay.com.au has processed more than AUD$10bn in business expenses, enabling companies to earn rewards on previously unrewarded transactions. The firm said the latest capital event highlights its ability to capture a significant share of the payments market through its proprietary rewards model.
Wilson Asset Management senior investment analyst Sam Koch said, “From the beginning, we saw immense potential in pay.com.au’s vision and the exceptional value proposition PayRewards brings for SMEs. Their disruptive model offers uncapped rewards on previously unrewarded expenses, like payroll and tax payments is truly unique, giving them a powerful competitive advantage. We are thrilled to back the team as they turbocharge their international scale and cement their position as a global leader in business loyalty payments.”
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