CBA takes minority stake in business payments fintech Paypa Plane ahead of PayTo roll out
The Commonwealth Bank has taken a 20% stake in Brisbane fintech startup Paypa Plane for an undisclosed sum.
Founded in 2018 by Simone Joyce and Jonathan Grant, Paypa Plane is a digital payments provider, building a bank-grade platform where traditional scheduled payments and payment initiation via the New Payments Platform (NPP) and PayTo, which is due to roll out in mid-2022
Paypa Plane CEO, Simone Joyce, said the investment bring instant momentum to the delivery of PayTo through the combination of our technology and CBA’s customer base.
“Our partnership represents an important milestone for Paypa Plane, but it also signals a new era for the way both businesses and consumers will be able to think about and manage their payments – which is an exciting outcome for everyone,” she said.
PayTo will provide a new, digital way for businesses to offer real-time direct debit payments to their customers and also give consumers more control and transparency.
Paypa Plane’s platform creates a digital link between a business and a payer that provides complete transparency over the life of their payment arrangement, delivering significant cost savings and cash-flow assurance to businesses, as well as in-built compliance and customer care.
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