Australian payments and rewards platform pay.com.au has secured a $53 million capital investment to facilitate its expansion into the US market.
The investment was led by Morgans Corporate Limited, consisting of $25 million in new capital and $28 million in secondary sell-down. Supported by Wilson Asset Management, Thorney Group, and Ophir, this funding round has resulted in pay.com.au’s valuation more than doubling to $633 million.
The platform enables 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 processing its first payment in 2019, the company has managed over $10 billion in business expenses.
The new capital will drive local growth and support the company’s international push into the US, with key partners like Amex. Additionally, the funding will enhance pay.com.au’s core payments and rewards offerings, which reported an annualized gross revenue of $246 million for the quarter ending September 2025.
Edward Alder, managing director at pay.com.au, remarked: “In a market where fewer than 20% of the 2.6 million businesses engage with rewards programs, we provide a straightforward way for businesses to derive more value from their existing expenses. As we refine our core product, expand our presence, and strengthen strategic partnerships, we are committed to creating a robust business loyalty ecosystem for the Australian SME community.”