Perth startup Pin Payments Raises $3.1m in Series A Round Led by Vix Investments
Vix Investments Limited is a global Fintech investor specialising in the payments sector. Vix portfolio investments include the recently-listed Touchcorp (ASX: TCH), identity verification experts Vix Verify, mobile payments provider Fusion Payments, international student payments specialist Cohort Solutions, virtual card payments processor Optal, transport ticketing / payments solutions provider Vix Technology, and ASX-listed omni-channel payments provider Mint Payments (ASX: MNW).
The funding will be used to expand the Pin Payments team and product offering, and to begin exploratory work to identify opportunities in international expansion.
CEO Grant Bissett said “We’ve worked with thousands of Australia’s small businesses and we understand where they’re under-served by existing payment solutions. Working with Vix, who bring deep global payments experience, will accelerate our growth, help us to better serve our customers, and assist us in our mission to ensure Australian businesses of any size can participate in global e-commerce without disadvantage.”
Pin Payments launched Australia’s first all-in-one multicurrency payment system in 2013. The company has operations in Perth and Melbourne and works with financial services partners including NAB and Perpetual. Prior to the current investment round Pin Payments has received funding via angel investment from successful Australian software entrepreneurs and grant funding from the Australian Government’s Commercialisation Australia program.
The UK’s Trade and Investment department recently selected Pin Payments to participate in a tour promoting the UK as a location to establish operations for early-stage tech companies.