Fintech startup PromisePay is overhauling Airtasker’s payments system

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Airtasker, the Australia online marketplace, is partnering with fintech startup PromisePay to power the platform’s $25 million in transactions and take the uncertainty out of getting paid for work.

PromisePay will provide a payments platform, security and verification, and will manage the complex payments between job posters, Airtasker workers and the platform itself.

The online payments system startup recently secured funding from Westpac’s Reinventure Fund, 99designs cofounder Mark Harbottle, Australian VC rampersand and US fintech VC Cultivation Capital.

The key to online payments is to create trust in the platform so that payments between people who don’t know each other can be completed with certainty.

“As part of continuously building the Airtasker marketplace, a huge focus for us is providing an awesome place to work for our Airtasker Workers and payments was a big part of this equation,” says Airtasker CEO Tim Fung.

“With PromisePay, we’ve been able to completely remove any uncertainty about getting paid for tasks. Now Airtasker Workers don’t have to spend any time chasing payments and can focus on getting more done.”

Simon Lee, CEO and co-founder of PromisePay, says marketplaces are inherently complex.

“Taking the actual payment is relatively easy, but there are dozens of major challenges alongside the payment that aren’t addressed by just being able to accept a credit card payment online,” he says.

“These challenges too often distract the company from their core focus of connecting buyers and sellers.”