A series-A funding round, led by QIC, has also brought in investors like Mastercard, Cuscal and Sprint Ventures.

It follows the CBA last year taking a 20 per cent stake in the digital payments provider founded in 2018 by Simone Joyce and Jonathan Grant.

The unspecified investment from QIC would come from the Government’s business investment fund.

Paypa Plane boss Simone Joyce said the company was delighted to bring in the new shareholders.

“Working with shareholders who understand and support the role Paypa Plane plays in the future is critical,” she said.

The plan was to increase the staffing at the company over the next five years.

QIC Private Capital associate Nick Capell said the payments environment was changing and Paypa Plane would benefit from the transition to the Pay To system, which the Reserve Bank is pushing companies to adopt and was a secure way to digitally pre-authorise payments from a bank account.

Paypa Plane’s platform creates a digital link between a business and a payer that provided transparency over the life of their payment arrangement.

“The participation of strong domestic and global financial institutions in the round, and prior investments from CBA and Tyro, reflect the solution’s capability and the strategic importance
of Paypa Plane’s technology,” Capell said.

Queensland Treasurer Cameron Dick said investment in Paypa Plane would support the company as its builds out its Brisbane-based product, engineering and customer support team.

“The global finance sector is looking for solutions that focus on speed, transparency and optimisation, and those solutions are being developed right here in Brisbane,” Dick said.

“Paypa Plane’s products are changing the way the banks interact with their customers in the global payments landscape, and can readily be bolted onto existing financial products.

“Now, with the backing of QIC, Paypa Plane’s Brisbane team will grow from 40 to almost 100 over the next five years to support further product development and deployment, strengthening Queensland’s expanding financial sector.”

Sprint Ventures said it was thrilled to be investing in Paypa Plane.

“With its superior technology and unique approach to the market, Paypa Plane is well-positioned to capitalise on the emergence of the PayTo market in Australia,” Sprint said.