Azupay secures A$10m investment from Ellerston Capital to supercharge growth
Summary
Azupay continues to advance its ambition to transform real-time payments with these new funds aiding the acceleration of growth and to drive further product innovation. Now is a pivotal time for many Australian businesses and real-time payment solutions can play a powerful role in their health and success.” Azupay solutions are designed for the digital economy simplifying the payment experience and reducing administration overhead, typically required to manage account receivables and payables. This partnership, the first of its kind to integrate with Xero, is an example of the NPP being used as part of a large-scale accounting solution allowing small businesses to receive payments in seconds instead of hours or days, significantly improving cash flow and facilitating straight through reconciliation. The investment from Ellerston will be used to rapidly grow Azupay’s customer base and accelerate its product innovation plans, including PayTo, the next generation of real-time pull payments, which is due for release mid-2022. The company intends to expand its partnerships with State and Local governments which to date includes an ongoing and growing relationship with Service NSW.