Login
Powered by
MOMENTUM
MEDIA
Powered by MOMENTUM MEDIA
Clayton Utz has advised Tattarang on its investment in Azupay.
(L) Stephen Neale (R) David Benson
Firms: Clayton Utz (Tattarang)
Value: Undisclosed.
Area: Venture capital.
Key players: Clayton Utz corporate partner Mark Paganin and special counsel Stephen Neale led the firm’s team.
Other core team members were partner David Benson and senior associate Sam Fiddian (intellectual property), and lawyers William Davies and Natasha Perry.
Deal significance: Tattarang is backing tiny fintech Azupay as it looks to take on the credit card heavyweights with what it says is an instantaneous and safe payment system that cuts costs to both merchants and consumers.
Tattarang chief investment officer John Hartman said the ultimate aim was to put a dent in the $1.5 billion a year Australians pay in credit card fees, as well as interest bills that totalled $31.7 billion last year.
Azupay has developed and commercialised real-time payment method that delivers instant payments without the need for a credit card. It is the first consumer-to-business payments service to go live on the New Payments Platform.
The technology, being rolled out by the NSW government, allows instant “cash-like” payments from a user’s bank account via a single-use PayID that can be paid via QR code or manually within a customer’s banking app.
Get breaking news
Tony Zhang
