PayRewards has raised $28 million in Series E funding and launched in the U.S., bringing total capital raised across the business to approximately $70 million. The financing was provided by a group of new and existing private investors.
PayRewards is the U.S. expansion of Australia’s Pay.com.au, a business payments and rewards platform serving more than 30,000 companies.
The Australian platform processed more than $7 billion in business expenses during the past 12 months, representing approximately 100% year-over-year growth.
PayRewards allows U.S. small businesses to earn rewards on expenses including rent, utilities, taxes, supplier invoices and other payments made through cards or ACH transfers.
The platform has no monthly subscription fee. Businesses instead pay when they choose to earn points.
PayRewards can also layer its own rewards on top of rewards generated by an underlying business credit card, an approach the company calls the “Double-Dip.”
Points can be redeemed across airline and hotel programs, gift cards, employee incentives and other options.
KEY QUOTE:
“PayRewards is an end-to-end platform making it simple to pay anyone, by card or bank transfer, and earn full credit card and PayRewards Points in return.”
Blake Hutchison, U.S. CEO Of PayRewards
