Meet the Australian fintech likened to a PayPal for small businesses. Chances are you’ve never heard of them, but Pin Payments is determined to change that.
“We haven’t built an awareness in the market that’s adequate yet,” admits co-founder Grant Bissett.
“There’s a lot of work to be done. We’re a small team and we have a lot of operations work, a lot of software development and then we have the sales and marketing front-end as well - there’s a lot to be done, but we’re just getting started on that.”
Pin Payments, an all-in-one multicurrency payment platform, launched in 2013 with funding from the Federal Government Accelerating Commercialisation program and private investment from RetailMeNot founders Guy King and Bevan Clark.
A $3.1 million capital raise led by Vix Investments last year will fund a concerted marketing push by the fintech over the next 12 to 18 months. Bissett hopes this will help the company shed its low profile and beat marketplace rivals, including more established competitors eWAY and SecurePay.
“They are not representative of where the industry is now - they’re arguably an obsolete product category."
“They are not representative of where the industry is now - they’re arguably an obsolete product category, but they are a significant competitor because of their distribution and the market’s awareness of their brand and position,” he says.
The marketing campaign coincides with Pin Payments making forays into international expansion. A pilot expansion into Singapore and New Zealand is being closely watched by Bissett and co-founder Dom Pym, who are eying a wider move into southeast Asia.
“The outcome of NZ and Singapore will guide us there, but we do see a space for the type of products we’re building throughout south-east Asia,” says Bissett.
“We’ll do some testing outside of Australia but we suspect building a complete customer facing presence through Asia would be a fundable initiative and that may need additional funding down the track.”
Series B funding is likely to go more smoothly than Series A, which Bissett describes as a frustrating experience for his fast-growing company.
“I’m delighted that we got the transaction done last year and we found the perfect investors for this project, but getting there, we wasted a lot of time by perhaps approaching the wrong sort of investor,” he says.
“We spent a lot of time finding the right investor, but once we did the process moved very smoothly.”
Kate Jones writes for the business and money sections of The Age and Sydney Morning Herald. She also writes for The New Daily, TAC, RMIT and is a news writing tutor at Monash University.