As the internet has grown so to have the opportunities to develop new business models, which has led to an explosion in online marketplaces and platform businesses. Those businesses require a new kind of financial services to underpin them and Australia’s PromisePay aims to serve that market.
The firm has just picked up $10m in new funding led by Carsales.
Founded in Melbourne, the firm is headed up by Simon Lee who previously worked at financial institutions including AXA, EBS, Skandia and National Australia Bank. Meanwhile, its CTO is Simon Kones, previously at Telstra, Ericsson, NEC, Fujitsu and GKN Aerospace.
The firm also has offices in San Francisco and was previously backed by Cultivation Capital in the US, as well as Reinventure and rampersand in Australia and Kima Ventures in France. Reinventure and rampersand also participated in this latest round.
Stripe, the biggest fintech company in the US, is about to consolidate its position at the top by almost doubling its valuation to $9.2 billion following Series D funding.
Payoneer, the international money transfer company, has completed a strong funding round, raising $180m through equity financing.
Remitly, an independent US-based remittance company, has received $38m in new funding through equity and debt financing from IFC and Silicon Valley Bank.
Metromile has just landed nearly $200m in Series D funding for its auto insurance payments platform.