Waave, a Syndey-based FinTech that uses open banking technology, has raised $4.7m in a seed round backed by key angel investors.
The funding round was backed by Morten Belling – the managing director of Menulog – as well as ecommerce investor Paul Greenberg.
Founded in 2022, Waave is a payment app that enables customers to manage their finances from one unified place.
According to Business News Australia, the company’s flagship product is Pay by Bank, which claims to be the first payment platform offering Open Banking to both B2B and B2C clients.
Pay by Bank takes a flat 28 cent transaction fee, which makes it up to 80% cheaper than card payments processing an average cart value of $100. The service requires no passwords and instead uses authentication methods like FaceID and TouchID to approve transactions.
The platform works across all Australian banks and allows customers able to make payments both online and in-store.
Later this year, Waave plans to roll out its services to key enterprise e-commerce customers both online and in-store across Australia.
Waave co-founder Ben Zyl said, “We believe the payment industry is archaic and the way we pay today is clunky and outdated. People have become complacent with card dominance – businesses shouldn’t be paying exorbitant fees to receive payments, and customers should have full control and visibility over their money.
“We’re here to drive change by bringing back the connection between consumers and businesses.”
Fellow co-founder Peter Traianou added, “We will adapt, evolve and grow our platform ecosystem and products, but our core purpose will always come back to improving the connection between consumers and businesses.”
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