Australian lender Westpac’s venture capital fund Reinventure Group has acquired an equity stake in PromisePay, a payments platform for online marketplaces.
Reinventure co-founder Simon Cant said: "Essentially, we see a lot of payments over time will be controlled by marketplaces in specific verticals, and we think this is a great opportunity to be a core provider of payments services to those marketplaces."
"We think there is a significant opportunity to take the complexity and risk out of escrow payments for marketplaces by providing a clean user experience and rapid and low cost on boarding for merchants."
Reinventure has joined a $2m seed funding round that led by Mark Harbottle, co-founder of 99designs and Jim McKelvey, co-founder of Square.
PromisePay, which currently employs 15 people, said it is expecting revenue to grow by more than 10 times in the next financial year.
PromisePay, which has offices in Melbourne and San Francisco, is planning to open a St Louis office as a result of the investment to support its growing customer base in the US.
The company delivers marketplaces with a payment platform that manage the entire transaction. PromisePay also provides marketplace operators with customer service, dispute resolution, fraud management and escrow services.