Participated · Series A · Mar 2023

Paypa Plane, founded in 2018 and based in Brisbane, provides white-label cloud payments software that lets banks and businesses evolve SME products without changing existing platform infrastructure. The company raised $10 million in a Series A led by the Queensland Investment Fund (QIC). New investors in the round include Mastercard, Cuscal and Sprint Ventures, alongside existing backers Commonwealth Bank and Tyro Payments. Commonwealth Bank had previously acquired a 20% stake in the fintech over a year earlier for an undisclosed sum. Paypa Plane trialled PayTo (the New Payments Platform) with CBA business customers six months before the raise. Following the funding, the company plans to more than double its team from about 40 to 100 over the next five years to support product development, deployment and expansion into the USA while driving growth in Australia.