Australian payments and rewards platform pay.com.au, has finalised a $53 million capital investment to fund an expansion into the US.
The raise was led by Morgans Corporate Limited and comprises $25 million in new capital and $28 million in secondary sell-down.
Backed by Wilson Asset Management, Thorney Group and Ophir, this latest raise sees pay.com.au's valuation more than double to $633M.
The platform allows customers to earn and redeem points through a network of 16 global partners, including Qantas, Singapore Airlines, Virgin Airlines, American Express, Visa and Mastercard.
Since accepting its first payment in 2019, the company has processed over $10 billion in business expenses.
The new capital will fuel strategic growth, driving local expansion alongside an international push into the US market with key partners like Amex. The funding will also be used to further enhance the company's core payments and rewards offering, which recorded an annualised gross revenue of $246 million in the quarter ending September 2025.
Edward Alder, managing director at pay.com.au, comments: “In a market where fewer than 20 per cent of the 2.6 million businesses engage with rewards programmes, we offer 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.”