Pay.com.au raises US$28 million for US expansion as PayRewards

Australian fintech company Pay.com.au has raised US$28 million (A$39 million) in a Series E funding round to facilitate its expansion into the United States. Operating in the US under the name PayRewards, the platform allows small businesses to earn loyalty points on various expenses, including commercial rent, supplier invoices, utilities, and taxes.

Users can redeem these points through 16 global partners, including airlines like Qantas and Virgin, as well as through gift cards, employee incentives, or credits against future invoices. The platform supports payments via both credit card and bank transfer without charging a monthly subscription fee; instead, businesses pay a fee when choosing to earn points.

This latest investment brings the company’s total funding to US$70 million. Pay.com.au reported processing over US$7 billion in business expenses over the last 12 months, serving more than 30,000 businesses. The company was founded in 2019 by Damien Waller, Edward Alder, and Grant Austin.