MELBOURNE – 30 November 2018 – Australian payments company Bluechain Payments Ltd announced today that they have secured $5.6 million in private equity funding in their latest funding round, bringing the total raised to over $11 million.
Bluechain’s co-founder and CEO, Mike McAuley, said the funding will be used to launch a bill payment service in Australia with American Express. Followed soon after with support for Visa and Mastercard.
Bluechain will launch at the start of Q2 2019. The service enables consumers and businesses to earn reward points on payments not normally made with credit cards, such as salaries, superannuation, and subcontractors or on payments to suppliers who don’t accept premium credit cards.
Following the launch, Bluechain we will add a Trade Finance product, which will give retailers and suppliers access to off-balance sheet finance to smooth out their cash flow. Retailers get extended payment terms on their stock purchases, while suppliers get paid early on nominated invoices.
Both the Reward Payments and Trade Finance products sit on top of Bluechain’s versatile digital payment platform. According to CEO Mike McAuley, these two products are only scratching the surface of the potential market available to Bluechain both in Australia and overseas.
“We spent the first two-or-so years building a universal platform for accepting and processing any form of digital transaction, including POS, m-commerce, e-commerce, e-billing, and peer-to-peer.” said Mr McAuley. “We are now well and truly on the path of commercialising that technology.”
Bluechain technology is powering solutions for the payments industry, from low-cost domestic payment schemes for national switches to payment and finance services for suppliers, retailers and consumers. The same easy-to-use mobile payment app is used for every transaction, so users enjoy one, simple experience whether they are paying in-store, purchasing online, paying bills or sending money.
Bluechain Payments Limited
Level 1, 313 Burwood Rd, Hawthorn, Victoria 3122, Australia
Tel: +61 418 949 400
Email: [email protected]