Fintech platform Pay.com.au is reportedly gearing up for April ASX listing, shrugging off market volatility to pursue a float valuing the business at $850 million.
The Australian Financial Review (AFR) first reported that Pay.com.au has asked investors to back its public listing plan, and its intention to raise a further $85 million as part of the effort.
In a statement provided to SmartCompany, a company spokesperson confirmed Pay.com.au is considering an ASX listing as one of several growth pathways.
“While the company continues to evaluate the market conditions and prepare the business for its next phase, we have no further updates on a specific timetable at this stage,” they said.
Making a point
Pay.com.au allows businesses to rack up reward points when they use a credit card, including transactions where the payee does not usually accept card payment.
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Businesses can accrue points, which the platform calls PayRewards, for everyday transactions, through to payroll, superannuation guarantee, and tax payments.
Those PayRewards are redeemable for major airline and hotel loyalty programs, including Qantas Business Rewards, Virgin Australia Business Flyer, and Marriott Bonvoy.
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Pay.com.au charges a processing fee for each payment, with lower rates available through different subscription plans.
Founded by Damien Waller and Edward Alder — the minds behind frequent flyer guide Point Hacks — and Grant Austin, who serves as CEO, the business has expanded considerably since launching in 2019.
It topped the SmartCompany Smart50 list in 2024, marking it as one of the country’s fastest-growing businesses.
Today, it claims to serve 75,000 business customers, who have redeemed a total of 10 billion PayRewards points, across the 16 redemption partners on its books.
The business last year raised $25 million in new capital, and conducted $28 million in secondary share sales, in a deal valuing Pay.com.au at $633 million.
It is backed by investors including Wilson Asset Management, Morgans Corporate Limited, Thorney Group, and Ophir, among others.
No hit to business in market volatility
The business is expanding into the United States, and recent hires speak to its ambitions: Pay.com.au on Thursday announced Dee Kulkarni, former technology director at Square and CTO of Sidekicker, to its team.
In a statement, Austin called Kulkarni’s appointment a statement of intent as the platform pursues global growth.
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“This appointment reflects how seriously we’re investing in our technical foundations as we scale to help SMEs across the globe unlock more from every dollar they spend,” he said.
But its hard-charging growth plans and reported plan to list on the ASX come amid broader market volatility, caused by conflict in the Middle East and disruptions to global energy markets.
Both factors are threatening air travel, and shares in airlines like Qantas and Virgin Australia have fallen more than 16% over the month.
The Pay.com.au spokesperson said its “flexible business model remains resilient” to current shocks, and provides value to users beyond travel redemptions alone.
“We have not noticed any impact on customer activity – customers are continuing to transact, earn and redeem points, and growth has not been impacted,” they said.
Pay.com.au leadership has also separated itself from the fate of the airlines more broadly, with Alder recently telling the AFR its shares could be an easier access point for investors interested in points schemes than the carriers themselves.
Reports of Pay.com.au’s IPO drive arrive just days after news of furniture brand Koala’s intention to hit the local bourse.
