Case Study: OnMarket successfully completes equity crowdfunding offer for revolutionary payments technology

05 August 2020 @ 12:00am Equity Crowdfunding: Case Studies

Key Takeaways

Payments and Know Your Client (KYC) fintech The Payment App has successfully completed their equity crowdfunding offer via OnMarket.

Well positioned to take advantage of the current and post-COVID-19 world, The Payment App raised $570,000 and welcomed 300 new shareholders. The Payment App has developed software that combines its proprietary payment gateway with an AI driven data engine that delivers next level insights about the customer.

The offer resonated strongly with investors early, reaching $175,000 raised within the first 2 days of the public offer. Equity crowdfunding again showed its strength with 1 in 3 investors placing a bid under $2,000

The impact of a media presence and a business update towards the end of the raise was also on show. Interviews from CEO Allan Evans with Ausbiz and Small Caps gave investors a unique insight into the business helping them to gain a better understanding. This media combined with an announcement in the final week of the campaign that The Payment App had signed an agreement with Fundo generated significant momentum in the final week of the offer. This momentum meant The Payment App came home strongly with $248,000 invested in the final week.

A quick recap of TPA

The Payment App’s vision is to move beyond the “transaction” to create a better payment “experience”. Providing businesses with access to more data and consumers with a better and easier way to pay, TPA creates a more tailored experience for the customer, resulting in more satisfied customers and businesses.

The current market is characterised by simple payment technology providers that facilitate online payments. These companies are extremely limited in the types of transactions they can process – no complex transactions, security limitations, no customer data.

With $8.4 billion worth of mobile transactions in Australia and $286 billion spent on big data acquisition globally, TPA is striving to create an ecosystem of data.

The Payment App (TPA) has seen the shift towards a cashless society accelerate as a result of the COVID-19 pandemic. This means more card payments making their payment gateway more important, not only to provide next level insights about customers but also to protect people and businesses against card fraud.

What’s next for TPA?

The Payment App has already begun helping small businesses with their proprietary payment gateway, highlighted by the recently signed commercial partnership with Fundo Loans. Utilisng the $570,000 raised via their equity crowdfunding campaign, The Payment App will be completing the development and commercialisation of its technology and driving rapid scale in multiple market segments via their apps.