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Melbourne fintech Verrency just raised $5 million but wants another $19m

Business Insider Australia is the proud media partner for Intersekt, the annual FinTech Australia festival discussing leadership and innovation in the nation’s financial technology sector. The fun begins October 27 in Melbourne, culminating in the Collab/Collide Summit on November 2 and 3.
Buy your tickets now at intersektfestival.com. »
Verrency staff. (Source: supplied)

Payments technology startup Verrency has just secured $US4 million ($5.12 million) in capital and says it’s now open to raise a further $US15 millon ($19.2 million).

The Melbourne company provides white-labelled technology that allows credit and debit card issuers to provide consumers self-service facilities to lock or block cards; block usage based on location and merchants; send alerts of suspicious behaviour; and control usage of digital wallets that contain the card. The platform also allows users to pay with points from loyalty programmes.

Despite only just securing $US4 million in a pre-commercialisation funding round and still being in the first year of existence, the startup has immediately opened a $US15 million series A round to fund expansion outside of Australia.

“Our focus has always been global, because payments are global,” said Verrency founder, chairperson and chief executive David Link.

“Our expansion strategy is central to achieving payments innovation and I am confident that this round of funding will enable us to gain traction in new geographies quickly – the demand is there.”

The fintech has just opened an office in London’s Canary Wharf district ahead of expansion into the British market by the end of the year. San Francisco and Singapore offices follow in December, with Europe in the pipeline for next year.

The investors involved in the closed pre-commercialisation round were not disclosed.

Verrency, which was a finalist for Emerging FinTech Organisation of the Year at FinTech Australia’s annual awards this year, is led by former Accenture director Link, chief technology officer Euan Walker, commercial director Michael Moore, head of growth Dan Ng, and head of people Sian Morris.

The Intersekt fintech festival in Melbourne starts this Friday, with the headline event Collab/Collide Summit following on November 2 and 3. Book your tickets at intersektfestival.com.

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