Payable, an open banking platform that helps bill payment management, has secured a $700,000 investment from x15ventures.
With the close of the deal, x15ventures has invested a total of $1.85m into Payable. It first engaged with Payable in December 2020 and then made a follow-on investment in April 2021.
Australia-based Payable leverages open banking to help merchants identify consumers that would benefit from flexible payment methods and provides them with a flexible payment solution, including instalment plans, extensions or Covid relief. The system also helps those deemed at risk of missing a payment.
Its mobile app lets a user easily manage all of their bills, receive notifications on upcoming bills and pay off the debts.
Its initial focus is on the energy sector but is looking to expand into other industries where late or missed payments are a major problem.
Payble managing director and co-founder Elliott Donazzan said, “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.”
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