Andrew Baines will join Azupay on Monday as Ellerston Capital and Tattarang plot how to help the payments start-up grow with an eye on an exit.
Andrew Forrest’sFormer PayPal and MYOB executivehas taken the job, and the hope of the business’ high-powered investors is that he’ll deliver the opportunity for a profitable exit on the real-time payments start-up.and the New Payments Platform to help small businesses enjoy the big efficiency gains of real-time payments.
Founded in 2019, progress on those ambitions so far has been reasonable, with Ellerston’s private investment fund tipping $10 million into the fintech in 2021 on a valuation believed to be around $30 million. That valuation today remains secret, although it’s believed to have snowballed two or three times higher across a number of top-up funding rounds to between $60 million and $90 million.
Baines is charged with delivering on a strategy to lift client numbers and sales growth for a medium-term exit for its backers to a larger trade buyer, or a potential run at the ASX boards.as a non-executive director on its board. Tattarang is believed to have a bigger stake than Ellerston, with the start-up’s founders including chief technology officerStill, there’s a competitive field of real-time payments start-ups looking to profit from the shift to the NPP and digital economy.
Commonwealth Bank has a stake in Paypa Plane, while National Australia Bank has partnered with global fintech Banked to help merchants offer lightning-fast payments to customers.writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate.
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