PromisePay, a payments platform, has just closed a $14 million funding round.
The raising was lead by Carsales.com Limited, Australian tech VC Rampersand, Westpac-backed Reinventure, US fintech fund Cultivation Capital, 99Designs co-founder Mark Harbottle and former Hitwise CEO Andrew Walsh.
The cash will go towards the fintech startup’s global expansion, taking advantage of its position as the only fully managed payments solution for the platform economy. This includes escrow, fraud and risk management, chargeback protection, dispute resolution and identity verifications.
Since its launch — just 18 months ago — the startup has grown from just providing payments solutions for marketplaces, to other multi-merchant environments, including on-demand and sharing platforms, crowdfunding, job management, booking and accounting platforms.
It has grown its revenue 25% month-on-month in the past year, doubling the number of direct sign-ups every quarter.
It was also named as one to watch in the KPMG global fintech 100 report.
Following the investment, ASX-listed carsales.com will be implementing PromisePay’s solution in Australia.
Carsales.com follows other platforms such as Airtasker, hipages and Flippa who have implemented PromisePay’s solutions.
“There are thousands of platforms looking to create fast, simple and trusted payments between buyers and sellers that don’t know each other,” says PromisePay co-founder and CEO, Simon Lee.
“It’s a great deal more complex than just a payment, it’s an entire experience, and our technology delivers that experience seamlessly for platforms all over the world, and with full protection to all parties.”
“Our investors bring a wealth of knowledge, global networks and experience across payments, banking, marketplaces and platforms and we’re thrilled to have them on board to support this next stage of growth,” Lee said.