Australia-based fintech company PromisePay has raised A$14m ($10m) in a series A round co-led by automotive marketplace Carsales.com, The Australian reported yesterday.
The round was co-led by Reinventure, a fund backed by financial services firm Westpac, and included venture capital firm Cultivation Capital, and angel investors Mark Harbottle and Andrew Walsh.
PromisePay operates a payments management system for online merchants that includes features such as fraud risk management, chargeback protection, escrow and identity verification.
Carsales will start using PromisePay’s offering in Australia following its investment, and PromisePay will use the money to expand across the world.
Reinventure, Cultivation Capital and Mark Harbottle previously provided $2m in seed funding in June 2015, adding to a $100,000 investment PromisePay secured when it participated in accelerator SixThirty in April 2014.
Simon Lee, co-founder and chief executive of PromisePay, said: “Our investors bring a wealth of knowledge, global networks and experience across payments, banking, marketplaces and platforms and we are thrilled to have them on board to support this next stage of growth.”