March 24, 2023
15 November 2021 – Payble, the Open Banking platform that fixes missed or late payments before they happen, is pleased to announce that CBA’s venture-scaling entity x15ventures has further backed its go-to-market strategy with an additional $700,000 investment, bringing x15’s investment to date to $1.85 million.
Payble has seen early success since x15’s initial investment in December 2020 and follow-on investment in April 2021, completing a successful commercial trial with an energy retailer and subsequently signing them as its first customer. Payble expects to launch its platform in the coming months.
Payble leverages Open Banking to help merchants identify consumers who would benefit from flexible payment options (including consumers at risk of missing a payment), and then engages those consumers with a flexible solution like instalment plans, payment extensions or Covid relief. Payble’s proactive approach improves customer satisfaction with billers and significantly reduces the admin and operational cost of collections.
Commenting on the investment, Elliott Donazzan, Managing Director and Co-Founder, Payble says “We began our journey with x15ventures earlier this year and are thrilled they have chosen to follow that initial investment today. We are rapidly accelerating our commercialisation and go-to-market strategy, having successfully signed our first customer in the energy sector, and are incredibly grateful to Toby and the x15 team for their ongoing support. We look forward to what promises to be an exciting year ahead.”
“Helping early-stage ventures scale is what x15 is all about, and we see a number of opportunities on the horizon for Payble,” says Toby Norton-Smith, Managing Director, x15ventures.
“We are excited to be part of Payble’s journey and we are incredibly optimistic about how they are solving a key pain point for both merchants and consumers across Australia.”
Initially targeting the energy sector, Payble is pursuing a rapid growth strategy aimed at identifying key industries where late or missed payments present challenges for companies and consumers alike. It is also currently pursing CDR accreditation with the ACCC, following participation with Identitii (a founding shareholder in Payble) in the ACCC’s testing program in 2019.
“Missed or late payments are a huge problem for energy retailers, which is why we chose to commercialise Payble with businesses in this industry first. But they are not the only sector where it is a costly problem for businesses and potentially devastating for consumers. We have identified a number of sectors of growth for Payble and look forward to providing updates as we launch, and our growth strategy becomes a reality.”
Payble increases revenue for businesses, by offering their customers friendly, flexible payment options when they want or need them. Our platform leverages Open Banking to identify consumers who would benefit from flexible payment options (including consumers at risk of missing a payment), and engages them with a flexible solution like instalment plans, payment extensions or Covid relief. Payble’s proactive approach improves customer satisfaction with billers and significantly reduces the admin and operational cost of collections.
For more information on Payble visit https://payble.com.au/merchants/.
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On Wednesday, our CEO Elliott Donazzan was interviewed by AusBiz’s Eliot Hastie and Simon Thomsen. Elliott was joined by John Rayment, CEO of Identitii.