MELBOURNE – 18 December 2015 – 1pay Corporation Pty Ltd, a digital payment technology start-up, today announced that its initial share offering to raise $1.5 million has closed fully subscribed. This enables the company to establish an office in Melbourne, appoint core development staff, and fund operating costs until mid-2016. The shares were allocated on a first-come-first-served basis until the initial offering of shares was fully subscribed. This initial seed funding round was completed within 2 months of announcing the offer, reflecting the enormous potential that 1pay has to capture a slice of the multi-trillion dollar payments business.
CEO Mike McAuley reported “The response by investors has been very gratifying and, I have to admit, a bit overwhelming. I know we have a very strong value proposition, but clearly enunciating that value to investors can sometimes be difficult. I guess the enormity of the opportunity and Craig’s impressive track record of innovation in payments technology, both in Australia and overseas, was telling.”
1pay technology is powering solutions for the payments industry around the globe, from versatile request-to-pay (RtP) solutions for acquirers and gateways to low-cost domestic payment schemes for central banks and national switches. The same easy-to-use mobile payment app is used for every RtP transaction, so consumers have the same, simple user experience whether they are paying in-store, purchasing online, paying bills or sending money peer-to-peer. Whatever the application, 1pay solutions offer greater security, simplicity and control in every payment situation.